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Table of Contents                                    

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________

FORM 10-K

_______________________________________________

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED December 31, 2025

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from             to             

Commission file number 033-37587        

_______________________________________________

Pruco Life Insurance Company

(Exact Name of Registrant as Specified in its Charter)

Arizona						22-1944557
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S Employer Identification Number)

213 Washington Street, Newark, NJ 07102

(973) 802-6000

(Address and Telephone Number of Registrant’s Principal Executive Offices)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:    NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:    NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  ☐    No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T ((§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer," "smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒

As of March 6, 2026, 250,000 shares of the registrant’s Common Stock (par value $10) were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is hereby incorporated by reference herein from, Prudential Financial, Inc.’s Definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 12, 2026, to be filed by Prudential Financial, Inc. with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, 2025.

Pruco Life Insurance Company meets the conditions set

forth in General Instruction (I) (1) (a) and (b) of Form 10-K

and is therefore filing this Form with the reduced disclosure.

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TABLE OF CONTENTS

									Page
PART I			Item 1.			Business			4
			Item 1A.			Risk Factors			12
			Item 1B.			Unresolved Staff Comments			24
			Item 1C.			Cybersecurity			24
			Item 2.			Properties			25
			Item 3.			Legal Proceedings			25
			Item 4.			Mine Safety Disclosures			25
PART II			Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			26
			Item 6.			[Reserved]			26
			Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			26
			Item 7A.			Quantitative and Qualitative Disclosures About Market Risk			37
			Item 8.			Financial Statements and Supplementary Data			42
			Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			155
			Item 9A.			Controls and Procedures			156
			Item 9B.			Other Information			156
			Item 9C.			Disclosure Regarding Foreign Jurisdictions That Prevent Inspections			156
PART III			Item 10.			Directors, Executive Officers and Corporate Governance			157
			Item 14.			Principal Accountant Fees and Services			157
PART IV			Item 15.			Exhibits and Financial Statement Schedules			158
			Item 16.			Form 10-K Summary			164
SIGNATURES									165

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FORWARD-LOOKING STATEMENTS

Certain of the statements included in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Pruco Life Insurance Company and its subsidiaries. There can be no assurance that future developments affecting Pruco Life Insurance Company and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (2) losses on insurance products due to mortality experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (3) changes in interest rates and equity prices that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (4) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position; (5) liquidity needs resulting from (a) derivative collateral market exposure, (b) asset/liability mismatches, (c) the lack of available funding in the financial markets or (d) unexpected cash demands due to severe mortality calamity or lapse events; (6) financial or customer losses, or regulatory and legal actions, due to inadequate or failed processes or systems, external events, and human error or misconduct such as (a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data, (d) reliance on third-parties or (e) labor and employment matters; (7) changes in the regulatory landscape, including related to (a) financial sector regulatory reform, (b) changes in tax laws, (c) fiduciary rules and other standards of care, (d) state insurance laws and developments regarding group-wide supervision, capital and reserves, and (e) privacy and cybersecurity regulation; (8) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (9) ratings downgrades; (10) market conditions that may adversely affect the sales or persistency of our products; (11) competition and (12) reputational damage. Pruco Life Insurance Company does not intend, and is under no obligation, to update any particular forward-looking statement included in this document. See “Risk Factors” included in this Annual Report on Form 10-K for discussion of certain risks relating to our business and investment in our securities.

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PART 1

Item 1. Business

Overview

Pruco Life Insurance Company (“Pruco Life”) is a wholly-owned subsidiary of The Prudential Insurance Company of America, (“Prudential Insurance”), which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). See Note 1 to the Consolidated Financial Statements for additional information.

Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey (“PLNJ”). Pruco Life and its subsidiary are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

PLNJ is a stock life insurance company organized in 1982 under the laws of the state of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only.

Prudential Insurance may make capital contributions to the Company, as needed, to enable it to comply with its reserve and capital requirements and fund expenses in connection with its business. Prudential Insurance is under no obligation to make such contributions and its assets do not back the benefits payable under the Company’s policyholders’ contracts.

In August 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re") to coinsure a closed block of guaranteed universal life ("GUL") policies. To effectuate this transaction the Company recaptured all risks associated with the subject GUL policies from Prudential Arizona Reinsurance Universal Company ("PAR U") and subsequently established yearly renewable term ("YRT") reinsurance for the subject GUL business with Prudential Insurance. The transaction was completed in December 2024 with an effective date of October 1, 2024. Effective October 1, 2025, the Company recaptured the YRT treaties with Prudential Insurance and subsequently established YRT reinsurance for the business with third-party reinsurers. See Note 12 to the Consolidated Financial Statements for additional information.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. ("Somerset Re") to coinsure a closed block of GUL policies to Prudential Universal Reinsurance Entity Company ("PURE"), a wholly-owned subsidiary of The Prudential Insurance Company of America ("Prudential Insurance"), with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U, Prudential Universal Reinsurance Company ("PURC") and Gibraltar Universal Life Reinsurance Company ("GUL Re") and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. Effective October 1, 2025, the Company recaptured certain YRT treaties with Prudential Insurance and subsequently established YRT reinsurance for the business with third-party reinsurers. See Note 12 to the Consolidated Financial Statements for additional information.

In May 2023, the Company entered into an agreement with AuguStar Life Insurance Company (formerly known as The Ohio National Life Insurance Company), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of Prudential Defined Income ("PDI") traditional variable annuity contracts with guaranteed living benefits. The transaction was completed on June 30, 2023 with an effective date of April 1, 2023. See Note 12 to the Consolidated Financial Statements for additional information.

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The Company sells variable annuities, indexed variable annuities and fixed annuities, variable life, term life and universal life insurance primarily through affiliated and unaffiliated distributors in the United States.

Products
Annuities We offer a variety of products to serve different retirement needs and goals: FlexGuard Suite •Our FlexGuard suite of indexed-variable annuity products offers the contractholder an opportunity to allocate funds to variable subaccounts and index-based strategies. The strategies provide an interest component linked to, but not an investment in, the selected index, and its performance over the elected term, subject to certain contractual provisions, and also provides varying levels of downside protection at pre-determined levels and durations. The product also allows for additional deposits and provides a return of purchase payment death benefit at no additional charge. Certain products also provide a protected income benefit for an additional fee. Fixed Annuities •Our single premium annuities offer a range of benefits, including the flexibility to allocate account balances between an index-based strategy and a fixed-rate strategy. The index-based option provides interest or an interest component linked to, but not an investment in, the selected index, and its performance over the elected term, subject to certain provisions. The fixed rate option, not associated with an index, offers guaranteed growth at a set interest rate for one year that can be renewed annually. Additionally, certain products offer principal protection, guaranteed withdrawal payments, tax-deferred growth and/or a guaranteed rate of return over an initial rate period. Variable Annuities •Our actively sold variable annuities provide tax-deferred asset accumulation, annuitization options, and an optional death benefit that guarantees the contractholder’s beneficiary a return of total purchase payments made to the contract, adjusted for any partial withdrawals, upon death. Sales of our traditional variable annuities were discontinued in 2020.			Life Insurance We offer a variety of products, consisting of base contracts and riders (such as our accelerated death benefit rider), that serve different protection needs and goals, including: Variable Life - permanent coverage for life with potential to accumulate policy cash value based on underlying investment options •Our variable life policies offer flexibility in payment options and the potential to accumulate cash value through a suite of underlying investment options or a fixed rate option. •Indexed variable life policies provide index-linked investment options (index strategies) in addition to a suite of underlying investment options or a fixed rate option. Index strategies credit interest to the cash value that is linked to, but not an investment in, the performance of an external index, subject to certain parameters such as cap, step, participation, and buffer rates, as well as contractual minimums/maximums. Term Life - coverage for a specified number of years with a guaranteed tax-advantaged death benefit •Most of our term life policies offer an income tax-free death benefit and guaranteed premiums that will stay the same during the level-premium period. •Most of our term life policies also offer a conversion option that allows the policyholder to convert the policy into a permanent policy that can potentially cover the insured for life. Universal Life - permanent coverage for life with the potential to accumulate policy cash value •Our universal life policies offer flexibility in payment options and the potential to accumulate cash value in an account that earns interest based on a crediting rate determined by the Company, subject to contractual minimums. •Indexed universal life policies provide interest credited to the cash value that is linked to, but not an investment in, the performance of an external index subject to certain cap and participation rates as well as contractual minimums/maximums. Other •Final Expense Insurance - a whole life product that provides coverage in smaller face amounts, typically used for funeral expenses.

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Marketing and Distribution Our distribution efforts for our annuity products, which are supported by a network of internal and external wholesalers, are executed through a diverse group of distributors, including: •Third-party distribution through: ◦Broker-dealers; ◦Banks and wirehouses; ◦Independent financial planners; and ◦Marketing Organizations. •Financial professionals associated with Prudential Advisors, Prudential's proprietary nationwide advice organization. We primarily distribute our individual life products through the following three channels: •Third-party distribution through: ◦Independent brokers ◦Banks and wirehouses; and ◦General agencies and producer groups. •Financial professionals associated with Prudential Advisors, Prudential's proprietary nationwide advice organization. •Trusted Partnerships, via embedded digital solutions through: ◦Credit Unions; ◦Mortgage originators; ◦Affinities; and ◦Digital marketing affiliates/paid media efforts.			Revenues and Profitability Our revenues primarily come in the form of: •Fee income from asset management fees and service fees, which represent administrative service and distribution fees from many of our proprietary and non-proprietary mutual funds. The asset management fees are determined as a percentage of the average assets allocated to our proprietary mutual funds in our variable annuity and variable universal life products (net of sub-advisory expenses related to non-proprietary sub-advisors). •Policy charges and fee income representing mortality, expense and other fees for various insurance-related options and features based on asset-based fees of the separate accounts, account value, premium, or guaranteed value, as applicable. •Investment income (which contributes to the net spread over interest credited on certain products and related expenses). •Premiums that are fixed in accordance with the terms of the policies. Our profitability is substantially impacted by our ability to appropriately price our products. We price our products based on our assumptions of future: •An evaluation of the risks assumed and consideration of applicable risk management strategies, including hedging and reinsurance costs. •Assumptions regarding investment returns and contractholder behavior, including persistency, benefit utilization and the timing and efficiency of withdrawals for contracts with living benefit features, as well as other assumptions. •Our life-related product assumptions of future mortality and morbidity, policyholder behavior, interest rates and investment returns, expenses, premium payment patterns, performance and cost of ceded reinsurance, separate account fund performance and product-generated tax deductions.

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Competition We are among the industry’s largest providers of individual annuities and we compete with many providers of retirement savings and accumulation products, including large, well established insurance and financial services companies, and private equity firms. We believe our competitive advantage lies primarily in our innovative product features and our risk management strategies as well as brand recognition, financial strength, the breadth of our distribution platform and our customer service capabilities. We periodically adjust product offerings, prices and features based on the market and our strategy, with a goal of achieving customer and enterprise value. In our life insurance business, we compete with many large, well-established life insurance companies in a mature market. We compete primarily based on price, service (including the speed and ease of underwriting), distribution channel relationships, brand recognition and financial strength. We periodically adjust product offerings, prices and features based on the market and our strategy, with a goal of achieving customer and enterprise value.

Seasonality of Key Financial Items

The following chart summarizes our key areas of seasonality in our results of operations:

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Annuities

Impact of annual assumption update(1)

Higher expenses(2)

Life Insurance

Lowest underwriting gains

Impact of annual assumption update(1)

Highest underwriting gains

Higher expenses(2)

(1) Impact of annual reviews and update of actuarial assumptions and other refinements.

(2) Expenses are typically higher than the quarterly average in the fourth quarter.

Reinsurance

We regularly enter into third-party reinsurance agreements as either the ceding entity or the assuming entity. We also enter into affiliated reinsurance agreements as both the ceding and assuming entity for capital management purposes. As a ceding entity, exposure to the risks reinsured is reduced by transferring certain rights and obligations of the underlying insurance product to a counterparty. Conversely, as an assuming entity, exposure to the risks reinsured is increased by assuming certain rights and obligations of the underlying insurance products from a counterparty.

We enter into reinsurance agreements as the ceding entity for a variety of reasons but primarily to reduce exposure to loss, reduce risk volatility, provide additional capacity for future growth and for capital management purposes for certain of our variable annuity, term and universal life products. Under ceded reinsurance, we remain liable to the underlying policyholder if a third-party reinsurer is unable to meet its obligations. We evaluate the financial condition of reinsurers, monitor the concentration of counterparty risk and maintain collateral, as appropriate, to mitigate this exposure.

We enter into reinsurance agreements with reinsurers that grant us the ability to reinsure a portion of our fixed indexed annuity products. Under generally accepted accounting principles in the United States of America ("U.S. GAAP"), these agreements are accounted for under deposit accounting. For additional information on our reinsurance agreements see Note 12 to the Consolidated Financial Statements.

For policies sold through 2017, we have reinsured the majority of our mortality risk which generally have maximum retained mortality risk amount of $100,000. For the new business going forward, Pruco Life retains the mortality risk not ceded to third-party or affiliated reinsurers, which may be up to $20 million on a single life and then down to $10 million per life for new business starting in 2020. See Note 12 to the Consolidated Financial Statements for more information related to these reinsurance arrangements.

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Regulation

Overview

Our businesses are subject to comprehensive regulation and supervision. The purpose of these regulations is primarily to protect our customers and the overall financial system. Many of the laws and regulations to which we are subject are regularly re-examined. Existing or future laws and regulations may become more restrictive or otherwise adversely affect our operations or profitability, increase compliance costs, or increase potential regulatory exposure. In recent years we have experienced, and expect to continue to experience, extensive changes in the laws and regulations, and regulatory frameworks, applicable to our businesses. We cannot predict how current or future initiatives will further impact existing laws, regulations and regulatory frameworks.

The primary regulatory frameworks applicable to Prudential Financial and the Company are described further below.

U.S. Insurance Operations

Insurance Holding Company Regulation

We are subject to the Arizona insurance holding company law which requires us to register with the insurance department and to furnish annually financial and other information about the operations of the Company. Generally, all transactions with affiliates that affect the Company must be fair and reasonable and, if material, require prior notice and approval or non-disapproval by the AZDOI. Similar laws are applicable to PLNJ in New Jersey.

In addition, most states have insurance laws that require regulatory approval of a direct or indirect change of control of an insurer or an insurer’s holding company.

The New Jersey Department of Banking and Insurance ("NJDOBI") acts as the group-wide supervisor of Prudential Financial pursuant to New Jersey legislation that authorizes group-wide supervision of internationally active insurance groups (“IAIGs”). The law, among other provisions, authorizes NJDOBI to examine Prudential Financial and its subsidiaries, including by ascertaining the financial condition of the insurance companies for purposes of assessing enterprise risk through, among other things, periodic examinations of the books and records, financial reporting, policy filings and market conduct. In accordance with this authority, NJDOBI receives information about Prudential Financial’s operations beyond those of its New Jersey domiciled insurance subsidiaries.

The National Association of Insurance Commissioners ("NAIC") has developed and implemented a group capital calculation that uses a risk-based capital (“RBC”) aggregation methodology to serve as an additional tool to help state regulators assess potential risks.

State Insurance Regulation

State insurance laws regulate all aspects of our business. Insurance departments in the District of Columbia, Guam and all states monitor our insurance operations. The Company is domiciled in Arizona and its principal insurance regulatory authority is the Arizona Department of Insurance (“AZDOI”). Our subsidiary PLNJ is domiciled in New Jersey and its principal insurance regulatory authority is the New Jersey Department of Banking and Insurance ("NJDOBI"). Generally, our insurance products must be approved by the insurance regulators in the state in which they are sold. Our insurance products are substantially affected by federal and state tax laws.

State insurance authorities possess broad administrative powers concerning all aspects of insurance business, including among other things: (1) licensing for transact business operations; (2) agent licensing; (3) asset admittance to statutory surplus; (4) regulation of premium rates for specific products; (5) policy form approvals; (6) oversight of unfair trade and claims practices; (7) establishment of reserve requirements and solvency standards; (8) determination of maximum interest rates on life insurance policy loans and minimum accumulation or surrender values; (9) regulation of permissible investments by type, amount, and valuation; and oversight of reinsurance transactions, including captive reinsurers.

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State insurance laws and regulations, including the NAIC's Insurance Holding Company Act Model #440, require the Company to file financial statements with the domestic regulators for each insurer, in accordance with accounting practices and procedures prescribed or permitted by the department. The Company’s operations and accounts are subject to financial examination by the domiciliary department at any time. In accordance with Model #440, other states typically defer to the primary domestic supervisor on financial statements and oversight, so long as that domestic supervisor’s state is accredited.

Surplus and Capital

Insurers are required to sustain capital and surplus at or above the minimum thresholds prescribed by their respective jurisdictions. Regulatory authorities retain the discretionary power to restrict or suspend an insurer’s ability to offer policies if these requirements are not satisfied, or if continued operations are deemed potentially detrimental to policyholders.

Dividend Restrictions. The Arizona insurance law regulates the amount of dividends that may be paid by the Company. See Note 15 to the Consolidated Financial Statements for a discussion of dividend restrictions.

Risk-Based Capital. We are subject to RBC requirements that are designed to enhance regulation of insurers’ solvency. RBC is calculated annually using a comprehensive formula that incorporates asset, premium, claim, expense, and statutory reserve factors, taking into account asset, insurance, interest rate, market, and business risk attributes.

Investments. U.S. state insurance laws restrict Prudential Financial's subsidiaries' investments in certain assets and require portfolio diversification. Investments exceeding these limits are excluded from surplus calculations, and non-qualifying assets may need to be divested.

U.S. Federal and State Securities Regulation Affecting Insurance Operations

Our variable life insurance and variable annuity products generally are considered “securities” and therefore may be required to be registered and subject to regulation and reporting requirements under federal and/or state securities laws. Federal and state securities regulation may affect investment advice, sales and related activities with respect to these products.

Insurance Guaranty Association Assessments

We are subject to laws requiring insurers to be members and pay assessments covering certain obligations of insolvent insurers, typically based on each insurer's share of business within the relevant jurisdiction. We paid $4 million, $34 million and $0.0 million in assessments for 2025, 2024, and 2023, respectively, and we have established an estimated $1 million reserve as of December 31, 2025, for future assessments relating to insurance companies that are currently subject to insolvency proceedings.

ERISA

The Employee Retirement Income Security Act (“ERISA”) is a federal law regulating U.S. employee benefit plans sponsored by private employers and labor unions, covering pensions, profit-sharing, and welfare plans like health, life, and disability insurance. Certain provisions are also applicable to Individual Retirement Accounts ("IRAs"). ERISA sets rules for reporting and fiduciary conduct, and bans certain transactions, with civil and criminal penalties for violations. Prudential Financial offers services to ERISA plans and IRAs through it's insurance, investment management and retirement businesses, including when acting as fiduciaries, and therefore we must comply with these rules, which can restrict business transactions with such plans and IRAs.

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Fiduciary Rules and Other Standards of Care

The Company and our distributors are subject to rules regarding the standard of care applicable to sales of our products and the provision of advice to our customers, including, among others, the U.S. Department of Labor (“DOL”) fiduciary rule, the Securities and Exchange Commission (“SEC”) Regulation Best Interest, and the National Association of Insurance Commissioners (“NAIC”) Standard of Care regulations. Under certain circumstances and subject to certain conditions, these rules and standards of care may require us to act in our retail customers’ best interests and/or without placing our financial interest ahead of our customers’ interests. Complying with these rules and standards of care has resulted in and may continue to cause increased compliance costs.

SECURE Act

We are also subject to the Setting Every Community up for Retirement Enhancement (“SECURE”) Act, together with SECURE 2.0, (collectively, the "SECURE Act"), designed to broaden retirement plan access and savings. The SECURE Act makes pooled employer plans easier for small businesses, mandates coverage for long-term part-time workers, raises auto-enrollment caps, increases the minimum withdrawal age, removes IRA contribution age limits, and streamlines options for guaranteed lifetime income through annuity provider provisions.

Derivatives Regulation

Prudential Financial and its subsidiaries use derivatives for various purposes, including hedging interest rate, foreign currency, equity market and other exposures. The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") established a framework for regulation by both the SEC and the CFTC of the over-the-counter ("OTC") derivatives markets. This framework sets out requirements regarding the clearing and reporting of derivatives transactions, as well as collateral posting requirements. Affiliated swaps entered into between Prudential Financial subsidiaries are generally exempt from most of these requirements.

Privacy, Data Protection and Cybersecurity Regulation

We are subject to U.S. federal and state laws, regulations and directives that require (1) financial institutions and other businesses to protect the confidentiality, integrity, and availability of personal, proprietary, and other non-public information, including intellectual property, health-related, and customer information; and (2) disclosure to customers and other appropriate individuals regarding the collection, disclosure and use of such information. We are also required to comply with international data privacy laws, regulations and directives including those affecting data privacy and protection and cross border data transfers. Some countries mandate local data processing or storage, which may increase costs and affect operational efficiency and how products and services are offered in those countries. Generally these U.S. and international laws, regulations and directives may require:

•protecting sensitive personal information such as national identifier numbers (e.g., social security numbers) or racial or ethnic origin, from unauthorized use or disclosure;

•providing individuals with certain rights over their personal information, such as the right to access, correct, or delete their personal information;

•notifying affected individuals, regulators and others if there is a breach of the confidentiality, integrity, or availability of certain personal or confidential information;

•implementing programs to detect, prevent, and mitigate identity theft;

•identification of permissible uses for personal information, such as customer information and consumer report information and permissible telemarketing calls, e-mails, texts, and other consumers and customers communications;

•oversight of third-parties that have access to, and handle, personal or confidential information;

Regulatory and legislative activity in the areas of privacy, data protection and cybersecurity continues to increase worldwide. Financial regulators in the U.S. and international jurisdictions in which Prudential Financial operates continue to focus on data privacy and cybersecurity, including rulemaking and examinations of regulated entities, and have communicated heightened expectations. For example, the EU’s General Data Protection Regulation (“GDPR”) and the U.K,'s Data Protection Act 2018, as amended by the Data (Use and Access) Act of 2025, impose stringent rules and penalties. GDPR applies to any Prudential unit handling EU personal data. Other countries such as Brazil, India, Japan, Argentina and China, have adopted or are considering similar laws. In the U.S., new privacy laws are frequently proposed, including recent amendments to the Gramm- Leach-Bailey Act. The California Consumer Privacy Act and the California Privacy Rights Act grant broad rights and create strict obligations, with other states introducing similar laws and more expected nationwide and globally.

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The NAIC Insurance Data Security Model Law, which has been adopted by more than 20 states, requires insurers to implement robust cybersecurity measures. In 2023, the NAIC released updated model privacy legislation, which states started adopting in 2024. New York, for example, has expanded its regulation, creating additional requirements. These laws increase compliance demands, noncompliance risks, and the potential for enforcement and reputational risk. For additional information regarding our cybersecurity risk management and governance, see “Item 1C. Cybersecurity”.

Artificial Intelligence

Regulatory standards relating to the use of artificial intelligence (“AI”) are evolving in the countries where we do business, and our use of AI may increase risks associated with bias, unfair discrimination, transparency, and information security. For example, the E.U. is in the process of introducing new regulations applicable to certain AI technologies and to the data used to train, test and deploy them. U.S. state regulators have also shown increasing concern about the use of AI and the potential for discrimination and bias in insurance practices. For example, in July 2024, the New York Department of Financial Services adopted Insurance Circular Letter No. 7 Re: Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing, which imposes obligations on insurers using AI or external consumer data and information sources. In May 2024, Colorado passed Senate Bill 24-205 (“the Colorado AI Law”), which becomes effective on February 1, 2026, regulates certain AI systems, and imposes obligations on AI system deployers and developers doing business in Colorado. The application of existing law and introduction of new or revised laws and regulations may require changes in our operations, increased compliance costs and reduce benefits from our adoption of artificial intelligence technologies.

Anti-Money Laundering and Anti-Bribery Laws

Our business is subject to various anti-money laundering and financial transparency laws and regulations that seek to promote cooperation among financial institutions, regulators and law enforcement entities in identifying parties that may be involved in terrorism or money laundering. In addition, under current U.S. law and regulations we may be prohibited from dealing with certain individuals or entities in certain circumstances and we may be required to monitor customer activities, which may affect our ability to attract and retain customers. We are also subject to various laws and regulations relating to corrupt and illegal payments to government officials and others, including the U.S. Foreign Corrupt Practices Act and the U.K.’s Anti-Bribery Law. The obligation of financial institutions, including the Company, to identify their clients, to monitor for and report suspicious transactions, to monitor dealings with government officials, to respond to requests for information by regulatory authorities and law enforcement agencies, and to share information with other financial institutions, has required the implementation and maintenance of internal practices, procedures and controls.

Environmental Laws and Regulations

Federal, state and local environmental laws and regulations apply to our ownership and operation of real property. Inherent in owning and operating real property are the risks of hidden environmental liabilities and the costs of any required clean-up. Although unexpected environmental liabilities can always arise, we seek to minimize this risk by undertaking environmental assessments, among other measures prior to taking title to real estate.

In addition, certain states, including California, and the NAIC, require us to publicly report information about the Company’s greenhouse gas emissions and climate-related risks and opportunities.

Unclaimed Property Laws

We are subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and we are subject to audit and examination for compliance with these requirements. For additional discussion of these matters, see Note 17 to the Consolidated Financial Statements.

Taxation

U.S. Taxation

We are subject to income, premium, employment, excise, sales and other taxes related to our U.S. operations. In addition, the life insurance and annuity products we sell are subject to income and other taxes. Changes in the tax laws in the U.S. could adversely impact our tax position, make our products less attractive to customers, and/or adversely impact the profitability of such products.

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International and Global Regulatory Initiatives

The Group of Twenty nations ("G20"), the Financial Stability Board ("FSB") and related bodies have developed proposals to address issues such as financial group supervision, capital and solvency standards, systemic risk, corporate governance including executive compensation, climate-related financial risks, and a host of related issues. The International Association of Insurance Supervisors ("IAIS"), the global standard setting body for the insurance sector contributes to the work of G20 and FSB through the development of standards that are intended to promote effective and globally consistent supervision and maintain fair, safe and stable insurance markets. As a standard setting body, the IAIS does not have direct authority to require insurance companies to comply with the standards it develops. However, the Company and its businesses could become subject to them if they were adopted by their respective regulators, which could impact the manner in which Prudential Financial deploys its capital, structures and manages its businesses, and otherwise operates both within the U.S. and abroad.

Human Capital Resources

The Company has no employees. Services to the Company are primarily provided by employees of Prudential Insurance as described under “Expense Charges and Allocations” in Note 16 to the Consolidated Financial Statements.

Item 1A. Risk Factors

You should carefully consider the following risks. Some of the factors, events, and contingencies discussed below may have occurred in the past, and the disclosures below are not representations as to whether or not the factors, events, or contingencies have occurred in the past but are provided because future occurrences of such factors, events, or contingencies could have a material adverse impact on our results of operations and financial condition. Additional risks to which we are subject include, but are not limited to, the factors mentioned under “Forward-Looking Statements” above and the risks of our businesses described elsewhere in this Annual Report on Form 10-K. Many of these risks are interrelated and could occur under similar business and economic conditions, and the occurrence of certain of them may in turn cause the emergence or exacerbate the effect of others. Such a combination could materially increase the severity of the impact of these risks on our businesses, results of operations, financial condition and liquidity.

Overview

The Company uses an integrated risk management framework to manage and oversee its risks. The Company’s risks include investment, insurance, market, liquidity, operational, and model risk as well as strategic risks that may cause the Company’s core business model to change, either through a shift in the businesses in which it is engaged or a change in execution. The Company’s strategic risks include regulatory and technological changes and other external factors. The Company's risks are further discussed below.

Investment Risk

Our investment portfolios are subject to the risk of loss due to default or deterioration in credit quality or value.

We are exposed to investment risk through our investments, which primarily consist of public and private fixed maturity securities, commercial mortgage and other loans, structured finance, equity securities and alternative assets including private equity, hedge funds and real estate. We are also exposed to investment risk through a potential counterparty default.

Investment risk may result from: (1) economic conditions; (2) adverse capital market conditions, including disruptions in individual market sectors or a lack of buyers in the marketplace; (3) volatility; (4) credit spread changes; (5) benchmark interest rate changes; and (6) declines in value of underlying collateral. These factors may impact the credit quality, liquidity and value of our investments and derivatives, potentially resulting in higher capital charges and unrealized or realized losses. Also, certain investments we hold, regardless of market conditions, are relatively illiquid and our ability to promptly sell these assets for their full value may be limited. Additionally, our valuation of investments may include methodologies, inputs and assumptions which could result in changes to investment valuations that may materially impact our results of operations or financial condition. For information about the valuation of our investments, see Note 6 to the Consolidated Financial Statements.

Our investment portfolio is subject to credit risk, which is the risk that an obligor (or guarantor) is unable or unwilling to meet its contractual payment obligations on its fixed maturity security, loan or other obligations. Credit risk may manifest in an idiosyncratic manner (i.e., specific to an individual borrower or industry) or through market-wide credit cycles. Financial deterioration of the obligor increases the risk of default and may increase the capital charges required under the regulatory frameworks we are subject to potentially limiting our overall capital flexibility. Credit defaults (as well as credit impairments, realized losses on credit-related sales, and increases in credit related reserves) may result in losses which adversely impact earnings, capital and our ability to appropriately match our liabilities and meet future obligations.

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The Company is subject to counterparty risk, which is the risk that the counterparty to a transaction could default or deteriorate in creditworthiness before or at the final settlement of a transaction. In the normal course of business, we enter into financial contracts to manage risks (such as derivatives and reinsurance treaties), improve the return on investments (such as securities lending and repurchase transactions) and provide sources of liquidity or financing (such as credit agreements, securities lending agreements and repurchase agreements). Reinsurance may also be used to further strategic goals of the Company by facilitating the transfer of risk of a block of liabilities if an entity purchase or sale is not practical. These transactions expose the Company to counterparty risk. Counterparties include commercial banks, investment banks, broker-dealers, and insurance and reinsurance companies. In the event of a counterparty deterioration or default, we may incur replacement costs necessary to reallocate the transaction to a new counterparty. Also, bespoke transactions (e.g., strategic and asset intensive reinsurance) entail less liquid investments and are typically difficult to hedge, possibly requiring us to recapture liabilities and reestablish or strengthen reserves and capital, which could reduce capital flexibility. The magnitude of the losses (e.g. replacement costs) will depend on current market conditions, the complexity of the transaction, and the time required to restructure or replace the transaction. Losses will likely be higher under stressed conditions.

Our investment portfolio is subject to equity risk, which is the risk of loss due to deterioration in market value of public equity or alternative assets. We include public equity and alternative assets (including private equity, hedge funds and real estate) in our portfolio constructions, and these investments have varying degrees of price transparency. Equities traded on stock exchanges (public equities) have significant price transparency, as transactions are often required to be disclosed publicly. Assets with less price transparency include private equity (joint ventures/limited partnerships) and direct real estate. As these investments typically do not trade on public markets and indications of realizable market value may not be readily available, valuations can be infrequent and/or more volatile. A sustained decline in public equity and alternative markets may reduce the returns earned by our investment portfolio through lower-than-expected dividend income, property operating income, and capital gains, thereby adversely impacting earnings, capital, and product pricing assumptions. These assets may also produce volatility in earnings as a result of uneven distributions on the underlying investments.

Insurance Risk

We have significant liabilities for policyholders' benefits which are subject to insurance risk. Insurance risk is the risk that actual experience deviates adversely from our insurance assumptions, including mortality, morbidity, and policyholder behavior assumptions. We provide a variety of insurance products, on both an individual and group basis, that are designed to help customers protect against a variety of financial uncertainties. Our insurance products protect customers against their potential risk of loss by transferring those risks to the Company, where those risks can be managed more efficiently through pooling and diversification over a larger number of independent exposures. During this transfer process, we assume the risk that actual losses experienced in our insurance products deviate significantly from what we expect. More specifically, insurance risk is concerned with the deviations that impact our future liabilities. Our profitability may decline if mortality experience, morbidity experience or policyholder behavior experience differ significantly from our expectations when we price our products. In addition, if we experience higher-than-expected surrenders, withdrawals or claims, our liquidity position may be adversely impacted, and we may incur losses on investments if we are required to sell assets in order to fund surrenders, withdrawals or claims. If it is necessary to sell assets at a loss, our results of operations and financial condition could be adversely impacted. For a discussion of the impact of changes in insurance assumptions on our financial condition, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies and Pronouncements—Application of Critical Accounting Estimates—Insurance Liabilities”.

Certain of our insurance products are subject to mortality risk, which is the risk that actual deaths experienced deviate adversely from our expectations. Mortality risk is a biometric risk that can manifest in the following ways:

•Mortality calamity is the risk that mortality rates in a single year deviate adversely from our expectations as the result of drivers such as pandemics, natural or man-made disasters, military actions or terrorism. A mortality calamity event will reduce our earnings and capital and we may be forced to liquidate assets before maturity in order to pay the higher than expected level of claims. Mortality calamity risk is more pronounced in respect of specific geographic areas (including major metropolitan centers, where we have concentrations of customers, including under group and individual life insurance, concentrations of employees or significant operations,) and in respect of countries and regions in which we operate that are subject to a greater potential threat of military action or conflict. Ultimate losses would depend on several factors, including the rates of mortality and morbidity among various segments of the insured population, the collectability of reinsurance, the possible macroeconomic effects on our investment portfolio, the effect on lapses and surrenders of existing policies, as well as sales of new policies and other variables.

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•Mortality trend is the risk that mortality improvements in the future deviate from our expectations. Mortality trend is a long-term risk that could emerge gradually over time. Longevity products, such as annuities, experience adverse impacts due to higher-than-expected mortality improvement. Mortality products, such as life insurance, experience adverse impacts due to lower-than-expected mortality improvement. If this risk were to emerge, the Company would update assumptions used to calculate reserves for in force business, which may result in additional assets needed to meet the higher expected annuity claims or earlier expected life claims. An increase in reserves due to revised assumptions could have an immediate adverse impact on our results of operations and financial condition, and economically the impact can be long-term as the excess outflow is paid over time.

•Mortality base is the risk that actual base mortality deviates adversely from what is expected in pricing and valuing our products. Base mortality risk can arise from a lack of credible data on which to base the assumptions.

Certain of our insurance products are subject to policyholder behavior risk, which is the risk that actual policyholder behavior deviates adversely from our expectations. Policyholder behavior risk can manifest in the following ways:

•Lapse calamity is the risk that lapse rates over the short-term deviate adversely from our expectations. For example, surrenders of certain insurance products may increase following a downgrade of our financial strength ratings or adverse publicity. Only certain products are exposed to this risk. Products that offer a cash surrender value that resides in the general account, such as non-participating whole life products, could pose a potential short-term lapse calamity risk. Surrender of these products can impact liquidity, and it may be necessary in certain market conditions to sell assets to meet surrender demands. Lapse calamity can also affect our earnings and capital through its impact on estimated future profits.

•Policyholder behavior (long-term) risk is the risk that the behavior of our customers or policyholders deviates adversely from our expectations over the long-term. This risk arises through product features which provide some degree of choice or flexibility for the policyholder, which can impact the amount and/or timing of claims. Such choices include surrender, lapse, partial withdrawal, policy loan, utilization, and premium payment rates for contracts with flexible premiums. Policyholder behavior is driven by factors outside of our control, including macro factors such as market movements, as well as by policyholders’ individual needs, which may differ significantly from product to product depending on many factors including the features offered, the approach taken to market each product, and competitor pricing. For example, persistency (the probability that a policy or contract will remain in force) within our annuities business may be significantly impacted by the value of guaranteed minimum benefits contained in many of our variable annuity products being higher than current account values in light of poor market performance as well as other factors. Many of our products also provide our customers with wide flexibility with respect to the amount and timing of premium deposits and the amount and timing of withdrawals from the policy’s value. Results may vary based on differences between actual and expected premium deposits and withdrawals for these products, especially if these product features are relatively new to the marketplace. The pricing of certain of our variable annuity products that contain certain living benefit guarantees is also based on assumptions about utilization rates, or the percentage of contracts that will utilize the benefit during the contract duration, including the timing of the first withdrawal. Results may vary based on differences between actual and expected benefit utilization. We may also be impacted by customers seeking to sell their benefits. In particular, the development of a secondary market for life insurance, including life settlements or “viaticals” and investor owned life insurance, and third-party investor strategies in our annuities business, could adversely affect the profitability of existing business and our pricing assumptions for new business. An increase in reserves due to revised assumptions could have an immediate adverse impact on our results of operations and financial condition and, the economic impact can be long-term as the excess outflow is paid.

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Our ability to reprice products is limited, and may not compensate for deviations from our expected insurance assumptions. Although some of our products permit us to increase premiums or adjust other charges and credits during the life of the policy or contract, the adjustments permitted under the terms of the policies or contracts may not be sufficient to maintain profitability or may cause the policies or contracts to lapse. Many of our products do not permit us to increase premiums or adjust other charges and credits or limit those adjustments during the life of the policy or contract. Even if permitted under the policy or contract, other factors may impact our decision whether to raise premiums or adjust other charges sufficiently, or at all. Accordingly, significant deviations in actual experience from our pricing assumptions could have an adverse effect on the profitability of our products.

Market Risk

The profitability of many of our insurance and annuity products are subject to market risk. Market risk is the risk of loss from changes in interest rates and equity prices.

The profitability of many of our insurance and annuity products depends in part on the value of the separate accounts supporting these products, which can fluctuate substantially depending on market conditions.

Derivative instruments that we use to hedge and manage interest rate and equity market risks associated with our products and businesses, and other risks might not perform as intended or expected resulting in higher-than-expected realized losses and stresses on liquidity and/or regulatory capital. Market conditions can limit availability of hedging instruments, require us to post additional collateral, and further increase the cost of executing product related hedges and such costs may not be recovered in the pricing of the underlying products being hedged.

Market risk may limit opportunities for investment of available funds at desired returns, including due to the prevailing interest rate environment, or other factors, with possible negative impacts on our overall results. Limited opportunities for attractive investments may lead to holding cash for long periods of time and an increased use of derivatives for duration management and other portfolio management purposes. The increased use of derivatives or portfolio rebalancing may increase the volatility of our U.S. GAAP results and our statutory capital.

Our investments, results of operations and financial condition may also be adversely affected by developments in the global economy, and in the U.S. economy (including as a result of actions by the Federal Reserve with respect to interest rate and monetary policy, and adverse political developments). Global or U.S. economic activity and financial markets may in turn be negatively affected by adverse developments or conditions in specific geographical regions.

For a discussion of the impact of changes in market conditions on our financial condition see Item 7A “Quantitative and Qualitative Disclosures About Market Risk".

Our insurance and annuity products, and our investment returns, are subject to interest rate risk, which is the risk of loss arising from asset/liability duration mismatches within our general account investments. The risk of mismatch in asset/liability duration is mainly driven by the specific dynamics of product liabilities. For example, some product liabilities generate long-term cash flows (i.e., 30 years or more), resulting in significant interest rate risk, since these cash flows cannot be matched by assets for sale in the marketplace, exposing the Company to future reinvestment risk. In addition, certain of our products provide for recurring premiums which may be invested at interest rates lower than the rates included in our pricing assumptions. Market-sensitive cash flows exist with other product liabilities including products whose cash flows can be linked to market performance through secondary guarantees, minimum crediting rates, and/or changes in insurance assumptions.

Our exposure to interest rates can manifest over years as in the case of earnings compression or in the short term by creating volatility in both earnings and capital. For example, some of our products expose us to the risk that changes in interest rates will reduce the spread between the amounts that we are required to pay under contracts and the rate of return we are able to earn on our general account investments supporting these contracts. When interest rates decline or remain low, we must invest in lower-yielding instruments, potentially reducing net investment income and constraining our ability to offer certain products. This risk is increased as more policyholders may retain their policies in a low rate environment. Since many of our policies and contracts have guaranteed minimum crediting rates or limit the resetting of crediting rates, the spreads could decrease or go negative.

Alternatively, when interest rates rise, we may not be able to replace the assets in our general account with the higher-yielding assets as quickly as needed to fund the higher crediting rates necessary to keep these products and contracts competitive. It is possible that fewer policyholders may retain their policies and annuity contracts as they pursue higher crediting rates, which could expose the Company to losses and liquidity stress.

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Our mitigation efforts with respect to interest rate risk are primarily focused on maintaining an investment portfolio with diversified maturities. The portfolio's key rate duration profile is designed to be approximately equal to that of our liability and surplus benchmark; however, these benchmarks are based on estimates of the liability cash flow profiles which are complex and could be inaccurate, especially when markets are volatile. In addition, there are practical and capital market limitations on our ability to accomplish this matching. Due to these and other factors we may need to liquidate investments prior to maturity at a loss in order to satisfy liabilities or be forced to reinvest funds in a lower rate environment.

Guarantees within certain of our products, in particular our variable annuities and to a lesser extent certain individual life products, are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position. Certain of our products, particularly our variable annuity products, include guarantees of minimum surrender values or income streams for stated periods or for life, which may be in excess of account values. Certain of our products, particularly our variable annuity and variable life products, include minimum death benefits or “no-lapse guarantees” that guarantee a death benefit as long as the “no-lapse guarantee” premium is paid. Certain of our products, particularly certain index-linked annuity and individual life products, include interest crediting guarantees based on the performance of an index. Downturns in equity markets, increased equity volatility, increased credit spreads, or (as discussed above) reduced interest rates could result in an increase in the valuation of liabilities associated with such guarantees, resulting in increases in reserves and reductions in net income. We use a variety of hedging and risk management strategies, including product features, to mitigate these risks in part and we may periodically change our strategies over time. These strategies may, however, not be fully effective. In addition, we may be unable or may choose not to fully hedge these risks. Hedging instruments may not effectively offset the costs of guarantees or may otherwise be insufficient in relation to our obligations. Hedging instruments also may not change in value correspondingly with associated liabilities due to equity market or interest rate conditions, non-performance risk or other reasons. We may choose to hedge these risks on a basis that does not correspond to their anticipated or actual impact upon our results of operations or financial position under U.S. GAAP. Changes from period to period in the valuation of these policy benefits, and in the amount of our obligations effectively hedged, will result in volatility in our results of operations and financial position under U.S. GAAP and our statutory capital levels. Estimates and assumptions we make in connection with hedging activities may fail to reflect or correspond to our actual long-term exposure from our guarantees. Further, the risk of increases in the costs of our guarantees not covered by our hedging and other capital and risk management strategies may become more significant due to changes in policyholder behavior driven by market conditions or other factors. The above factors, individually or collectively, may have a material adverse effect on our results of operations, financial condition or liquidity.

Our valuation of the liabilities for the minimum benefits contained in many of our variable annuity products requires us to consider the market perception of our risk of non-performance, and a decrease in our own credit spreads resulting from ratings upgrades or other events or market conditions could cause the recorded value of these liabilities to increase, which in turn could adversely affect our results of operations and financial position.

We are subject to counterparty risk associated with reinsurance transactions. To mitigate this risk, we may use coinsurance with funds withheld or modified coinsurance. With these reinsurance arrangements, we retain assets on our balance sheet whose related investment performance accrues to third-party reinsurers. The composition of these assets is subject to investment guidelines specific to the reinsurance treaties and may differ from those we would normally invest in. Under GAAP, funds withheld and modified coinsurance reinsurance most often create embedded derivatives for the ceding company and the reinsurer, which are measured at fair value. The valuation of these embedded derivatives is sensitive to market factors, including credit spreads of the assets held on our balance sheet, and can generate significant volatility in net income depending on market conditions. Changes in the fair value of embedded derivatives are included in "Realized investment gains (losses), net" on the Consolidated Statements of Operations, whereas changes in the fair value of assets are recorded primarily in "Accumulated other comprehensive income (loss)".

Liquidity Risk

As a financial services company, we are exposed to liquidity risk, which is the risk that the Company is unable to meet near-term obligations as they come due.

Liquidity risk is a manifestation of events that are driven by other risk types (market, insurance, investment, operational). A liquidity shortfall may arise in the event of insufficient funding sources or an immediate and significant need for cash or collateral. In addition, it is possible that expected liquidity sources may be unavailable or inadequate to satisfy the liquidity demands described below.

The Company has four primary sources of liquidity exposure and associated drivers that trigger material liquidity demand. Those sources are:

•Derivative collateral market exposure: Abrupt changes to interest rate, equity, and/or currency markets may increase collateral requirements to counterparties and create liquidity risk for the Company.

•Asset liability mismatch: There are liquidity risks associated with liabilities coming due prior to the matching asset cash flows. Structural maturities mismatch can occur in activities such as securities lending, where the liabilities are effectively overnight open transactions used to fund longer term assets.

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•Wholesale funding: We depend upon the financial markets for funding. These sources might not be available during times of stress, or may only be available on unfavorable terms, which can result in a decrease in our profitability and a significant reduction in our financial flexibility.

•Insurance cash flows: We face potential liquidity risks from unexpected cash demands due to severe mortality calamity, customer withdrawals or lapse events. If such events were to occur, the Company may face unexpectedly high levels of claim payments to policyholders.

For a discussion of the Company's liquidity and sources and uses of liquidity see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Liquidity".

Operational Risk

Operational Risk Types

The types of operational risks that may impact the Company include, among others, the following:

•People - Internal fraud, breaches of employment law, unauthorized activities; loss or lack of key personnel, inadequate training; inadequate supervision.

•Processes - Processing failure; failure to safeguard or retain documents/records; errors in valuation/pricing models and processes; project management or execution failures; improper sales practices; improper administration of our products.

•Technology - Failures during the development and implementation of new systems; systems failures.

•External Events - External crime; cyber-attack; outsourcing risk; vendor risk; natural and other disasters; changes in laws/regulations.

•Legal and Regulatory - Legal and regulatory compliance failures.

Potential Impacts

The potential adverse impacts to our business, results of operations, financial condition or liquidity due to such operational risks include, among others, the following:

•Financial losses - The Company experiences a financial loss. This loss may originate from various causes including, but not limited to, transaction processing errors and fraud.

•Client service impacts - The Company may not be able to service customers. This may result if the Company is unable to continue operations during a business continuation event or if systems are compromised, including as a result of a cyber-attack involving malware and/or a virus.

•Regulatory fines or sanctions - When the Company fails to comply with applicable laws or regulations, regulatory fines or sanctions may be imposed. In addition, possible restrictions on business activities may result.

•Legal actions - Failure to comply with laws and regulations also exposes the Company to litigation risk. This may also result in financial losses.

•Reputational harm - Failure to meet regulator, customer, investor and other stakeholder expectations may cause reputational harm.

Liabilities we may incur as a result of operational failures are described further under “Contingent Liabilities” in Note 17 to the Consolidated Financial Statements. In addition, certain pending regulatory and litigation matters affecting us, and certain risks to our businesses presented by such matters, are discussed in Note 17 to the Consolidated Financial Statements. We may become subject to additional regulatory and legal actions in the future.

Key Enterprise Operational Risks - Key enterprise operational risks include, among others, the following:

We are subject to business continuation risk, which is the risk that our operations, systems or data, or those of third- parties on whom we rely, may be disrupted. We may experience a disruption in business continuity as a result of, among other things, the following:

•Severe pandemic, epidemic, or other public health crises, either naturally occurring or resulting from intentionally manipulated pathogens;

•Geo-political risks, including armed conflict and civil unrest;

•Terrorist events;

•Significant natural or accidental disasters;

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•Cyber-attacks, both systemic (e.g., affecting the internet, cloud services, and/or other financial services industry infrastructure) and targeted (e.g., failures in or breach of our systems or that of third-parties on whom we rely);

•Insider threats;

•Physical infrastructure outages; and

•Workforce unavailability resulting from any of the above events, among others.

We depend heavily on our telecommunication, information technology and other operational systems and on the integrity and continuing availability of data we use to run our businesses and service our customers. These systems, and any available backups, have and may fail to operate properly or become disabled as a result of events or circumstances wholly or partly beyond our control, including cyber-attacks, denial of service, viruses or other malicious activities, power outages, hardware or software malfunctions, defects or degradation, lack of proper maintenance, human error or misuse, and similar events.

Further, we face the risk of operational and technology failures experienced by others, including clearing agents, exchanges and other financial intermediaries and vendors and other third-parties to which we outsource the provision of services or business operations.

We, or third-parties on whom we rely, may not adequately maintain information security. There continues to be significant and increased cyber-attack activity against businesses, including but not limited to Prudential and others in the financial services sector and no organization, regardless of measures implemented to safeguard the systems and detect threats, is fully immune to cyber-attacks. Our cybersecurity risk remains heightened because of, among other things, the rapidly evolving nature and pervasiveness of cyber threats, including advances in artificial intelligence ("AI"), our brand and reputation, our size and scale, our geographic presence and our role in the financial services industry and the broader economy. See “Item 1C. Cybersecurity” for additional information about cybersecurity risk management and governance. Risks related to cyber-attack arise in various areas, including:

•Protecting sensitive information is a constant need; however, some risks cannot be fully mitigated using administrative, technological, or physical controls, or otherwise.

•Employees, customers, third-party service providers on whom we rely, or other users of our systems continue to be a key avenue for malicious external parties to gain access to our network, systems, data, or that of our customers. Many attacks leverage social engineering schemes (such as phishing, vishing, or smishing) to coax an internal user to click on a malicious attachment or link to introduce malware into companies’ systems or steal the user’s username and password. Such social engineering schemes are becoming increasingly sophisticated and may involve emerging technologies such as deepfakes. Senior-level executives are increasingly becoming the targets of such attacks. Fraudulent schemes to solicit information via call centers, remote help desks and interactive voice response systems continue to increase in both volume and sophistication.

•Cyber-attacks involving the encryption and/or threat to disclose personal or confidential information (i.e., ransomware) or disruptions of communications (i.e., denial of service) for the purposes of, among other things, extortion or other motives persist and are on the rise.

•Financial services companies and their third-party service providers (including their downstream service providers) are increasingly being targeted by hackers and fraudulent actors seeking to monetize personal or confidential information to extort money, or for other malicious purposes. Such campaigns have targeted online applications and services.

•Nation-state sponsored or affiliated organizations, or politically motivated actors, are engaged in cyber-attacks, not only for monetization purposes, but also to gain information about foreign citizens, businesses and governments, or to influence or cause disruptions in commerce or political affairs. In light of recent geopolitical events, including conflicts in Europe and the Middle East, state-sponsored or affiliated parties and/or their supporters may launch retaliatory cyber-attacks, and may attempt to cause supply chain and other third-party service provider disruptions, or take other geopolitically motivated retaliatory actions that may disrupt our business operations, and/or result in the compromise of our systems or data.

•Increasingly, malicious actors can be in companies’ systems for an extended period of time before being detected. Even if the malicious actors are discovered quickly, it could take considerable additional time for us to determine the scope of compromise, and the extent, amount, and type of information compromised, if any, and to fully contain the malicious actors, remediate and recover.

•Employees, third-party service providers or other individuals purportedly acting on behalf of the Company may fail (as a result of human error or misconduct) to comply with applicable policies and procedures, and/or intentionally circumvent controls or safeguards for unauthorized purposes. Our adoption of remote working increases these risks, as our interaction with employees and external service providers occur on information systems, networks and environments over which we have less control and which may be more difficult to monitor.

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•We rely on third-parties to provide services, as described further below. While we maintain certain standards for all vendors that provide us services, our vendors, and in turn, their own service providers, have become subject to security breaches, including as a result of their failure to perform in accordance with their contractual obligations.

•Hardware, software or applications developed by, obtained from, or implemented in accordance with specifications provided by third-parties may contain vulnerabilities in design, maintenance or manufacturing that could be exploited to compromise the Company’s information security.

•Continuing use of remote or flexible work arrangements, including remote access tools and mobile technology (including use of personal devices), have expanded potential attack surfaces.

•The proliferation of third-party financial data aggregators and emerging technologies, including the development and use of AI, increase our information security risks and exposure.

•Costs and security risks associated with maintaining, upgrading, or replacing our information technology, including legacy systems, could exceed our expectations or we may be required to dedicate additional resources to these activities.

•Planned system upgrades may not be successful or operate as intended, may take longer than anticipated, may exceed their budget, or create or exacerbate previously unknown security vulnerabilities.

The development and adoption of artificial AI, including generative AI and agentic AI, and its use and anticipated use by us or by third-parties on whom we rely, may increase the operational risks discussed above or create new operational risks that we are not currently anticipating. AI technologies offer potential benefits in areas such as customer service personalization and process automation, and we expect to use AI to help deliver products and services and support critical functions. We also expect third-parties on whom we rely to do the same. There are significant risks involved in developing and deploying AI and there can be no assurance that the usage of AI will enhance our products or services or be beneficial to our business, including our efficiency or profitability. AI may be misused by us or by such third-parties, or the models or datasets on which the models are trained may be flawed or otherwise may function in an unexpected manner. Such risks are increased by the relative newness of the technology, the speed at which it is being adopted, and the developing and evolving laws, regulations or standards governing its use. See “Business — Regulation — Artificial Intelligence” for a discussion of the applicable laws and regulations relating to the use of AI. Misuse of AI or external data, failure to comply with regulatory requirements, or conflicting interpretations of requirements could expose us to legal or regulatory risk, subject us to adverse regulatory examinations or audits, damage customer relationships or cause reputational harm. Further, our ability to continue to develop and efficiently deploy AI technologies depends on access to specific third-party equipment and other physical infrastructure, such as processing hardware and network capacity, as to which we cannot control the availability or pricing, especially in a highly competitive environment. Our competitors may also adopt AI more quickly or more effectively than we do, which could cause competitive harm. Because AI technology is so new, some of the potential risks of AI are currently unknowable, however, specific risks relating to AI could include, among others:

•Reputational Damage: Malicious actors could use AI to create deepfakes of the Company's executives or manipulate financial documents, leading to loss of customer trust and significant reputational damage. Moreover, the use of AI trained on inaccurate data sets could result in inaccurate or biased decisions.

•Fraudulent Activity: AI could be used to create forged documents or impersonate individuals to commit financial fraud, leading to financial losses and regulatory scrutiny.

•Misinformation and Disinformation: The ability to generate realistic and convincing synthetic media has been and could be used to spread misinformation and disinformation, impacting public opinion and undermining trust in the financial system.

•Privacy Concerns: AI could be used to create synthetic identities or manipulate personal data, raising privacy concerns related to data breaches and other potential violations of consumer rights and data protection regulations.

•Cybersecurity Threats: AI could be used to create sophisticated, long-term and persistent phishing attacks or bypass security measures, increasing the risk of cyberattacks and data breaches.

The risks identified above could be exacerbated by agentic AI, which, acting without supervision, could take actions harmful to the Company or our customers.

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We, or third-parties on whom we rely, may not adequately ensure the integrity, confidentiality, or availability of personal and confidential information. In the course of our ordinary business, we collect, store and disclose to various third-parties (e.g., service providers, reinsurers, etc.) substantial amounts of personal and confidential information, including in some instances sensitive personal information, including health-related information. We are subject to the risk that the integrity, confidentiality, or availability of this information may be compromised, including as a result of an information security breach as described above, or that such events occurring at third-parties may not be disclosed to us in a timely manner. And we may have insufficient recourse against such third-parties from which such breaches originate. We have experienced cybersecurity events resulting in, among other things the compromise of personal and confidential information, including sensitive health information, of our customers and other stakeholders.

Furthermore, there has been increased scrutiny as well as enacted and proposed additional laws and regulations, including from state regulators, regarding the use of personal and confidential information. These laws and regulations are increasing in complexity and number, change frequently, and may be subject to interpretation by different regulators and courts. See “Business—Regulation—Privacy and Cybersecurity Regulation” for a discussion of the applicable laws and regulations (including those requiring notice, disclosure or remediation) relating to cybersecurity events.

We have incurred and could incur significant costs and other negative consequences resulting from cyber-attacks or other information security breaches. Compromise or perceived compromise of the security of our systems or data or that of one of our vendors has damaged and could damage our reputation, cause the deterioration or termination of relationships with among others, customers, distributors, government-run health insurance exchanges, marketing partners and insurance carriers, reduce demand for our services, result in the loss of business opportunities, and subject us to significant liability and expense as well as regulatory action, penalties and lawsuits, any or all of which would harm our business, operating results and financial condition. We have also incurred and could incur significant costs in connection with our response, recovery, remediation, modification of protective measures, and compliance efforts, including costs associated with mitigating the impact of any errors, interruptions, delays or cessations of service. Additionally, our failure to timely or accurately communicate cyber incidents to relevant parties could result in regulatory, operational and reputational risk. To the extent we maintain cyber insurance, liabilities or losses arising from certain cyber incidents may not be covered or fully covered under such policies, including if our insurer denies coverage as to any particular claim in the future, and may not take into account reputational damage, the costs of which are impossible to quantify, and the amount of insurance may not be adequate. In addition, our insurance coverage with respect to cyber incidents may increase in cost or cease to be available on commercially reasonable terms, or at all, in the future.

Third-parties (outsourcing providers, vendors and suppliers and joint venture partners) present added operational risk to our enterprise. The Company's business model relies heavily on the use of third-parties to deliver contracted services in a broad range of areas. This reliance presents the risk that the Company is unable to meet legal, regulatory, financial or customer obligations because third-parties fail to deliver contracted services, or that the Company is exposed to reputational damage because third-parties fail to operate in accordance with our specifications and expectations. We use affiliates and third-party vendors located outside the U.S. to provide certain services and functions, which also exposes us to business disruptions and political risks as a result of risks inherent in conducting business outside of the United States. In our investments in which we hold a minority interest, or that are managed by third-parties, we lack management and operational control over operations, which may subject us to additional operational, compliance and legal risks and prevent us from taking or causing to be taken actions to protect or increase the value of those investments. In those jurisdictions where we are constrained by law from owning a majority interest in jointly owned operations, our remedies in the event of a breach by a joint venture partner may be limited (e.g., we may have no ability to exercise a “call” option).

The manner in which our products are distributed, including by affiliate and third-party distributors of our products presents added regulatory, competitive and other risks to our enterprise. Our products are sold primarily through captive/affiliated distributors and third-party distributing firms. Our captive/affiliated distributors are made up of sales personnel who are generally compensated based on commissions. The third-party distributing firms are rarely dedicated to us exclusively and may recommend and/or market products of our competitors. Accordingly, we must compete for their services. Our sales could be adversely affected if we are unable to attract, retain or motivate captive sales agents or third-party distributing firms or if we do not adequately provide support, training, compensation, and education to this sales network regarding our products, or if our products are not competitive and not appropriately aligned with consumer needs. While third-party distributing firms have an independent regulatory accountability, under applicable regulations and guidance, product manufacturers retain significant sales practices accountability.

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The Company and our distributors are subject to rules regarding the standard of care applicable to sales of our products and the provision of advice to our customers, and many of these rules are routinely revised or re-examined. In addition, there have been a number of investigations regarding the marketing practices of brokers and agents selling annuity and insurance products and the payments they receive. Furthermore, sales practices and investor protection have increasingly become areas of focus for our regulators. Regulatory investigations and examinations have resulted in enforcement actions against us and companies in our industry and brokers and agents marketing and selling those companies’ products. Enforcement actions could result in penalties and the imposition of corrective action plans and/or changes to industry practices, which could adversely affect our ability to market our products. If our products are distributed in an inappropriate manner, or to customers for whom they are unsuitable, or distributors of our products otherwise engage in misconduct, we may suffer reputational and other harm to our business and be subject to regulatory action, penalties or damages. Our business may also be harmed if captive/affiliate distributors engage in inappropriate conduct in connection with the sale of third-party products.

Many of our distribution personnel are independent contractors or franchisees. From time to time, their status has been challenged in courts and by government agencies, and various legislative or regulatory proposals have been introduced addressing the criteria for determining the status of independent contractors’ classification as employees for, among other things, employment tax purposes or other employment benefits. The costs associated with potential changes with respect to these independent contractor and franchisee classifications have impacted our results previously and could have a material adverse effect on our business in the future.

See Note 17 to the Consolidated Financial Statements for additional information regarding litigation and regulatory matters relating to the distribution of products.

Although we distribute our products through a wide variety of distribution channels, we maintain relationships with certain key distributors. We periodically negotiate the terms of these relationships, and there can be no assurance that such terms will remain acceptable to us or such third-parties. An interruption in certain key relationships could materially affect our ability to market our products and could have a material adverse effect on our business, operating results and financial condition. Distributors may elect to reduce or terminate their distribution relationships with us, including for such reasons as adverse developments in our business, competitiveness of product offerings, adverse rating agency actions or concerns about market-related risks. We are also at risk that key distribution partners may merge, change their business models in ways that affect how our products are sold, or terminate their distribution contracts with us, or that new distribution channels could emerge and adversely impact the effectiveness of our distribution efforts. An increase in bank and broker-dealer consolidation activity could increase competition for access to distributors, result in greater distribution expenses and impair our ability to market products through these channels. Consolidation of distributors and/or other industry changes may also increase the likelihood that distributors will try to renegotiate the terms of any existing selling agreements to terms less favorable to us. Finally, we also may be challenged by new technologies and marketplace entrants that could interfere with our existing relationships.

Model Risk

As a financial services company, we are exposed to model risk, which is the risk of financial loss or reputational damage or adverse regulatory impacts caused by model errors or limitations, incorrect implementation of models, or misuse of or overreliance upon models. Models are utilized by our businesses and corporate areas primarily to project future cash flows associated with pricing products, calculating reserves and valuing assets, as well as in evaluating risk and determining capital requirements, among other uses. Because models are used across the Company, model risk impacts all risk types. As our businesses continue to grow and evolve, the number and complexity of models we utilize expands, increasing our exposure to error in the design, implementation or use of models, including the associated input data and assumptions. Furthermore, model risk will be elevated during periods of transformation or due to new or changing laws or regulations.

Strategic Risk

We are subject to the risk of events that can cause our fundamental business model to change, either through a shift in the businesses in which we are engaged or a change in our execution. In addition, other risks may become strategic risks. For example, we have considered and must continue to consider the impact of the interest rate environment on new product development and continued sales of interest sensitive products. Our strategic initiatives may fail to achieve their intended results, due to inadequate execution, incorrect assumptions, global or regional economic conditions, competition, changes in the industries in which we operate or other reasons.

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Our ability to successfully execute on strategic transactions is subject to risks. We have in the past considered and continue to consider a range of strategic transactions, which could include acquisitions, joint venture, divestitures, spin-offs, reinsurance and other corporate transactions. Our strategy for long-term growth, productivity and profitability depends, in part, on our ability to successfully execute on and realize the expected benefits from these types of transactions. Any of these types of transactions could be material, be difficult to implement, disrupt our business, or change our business profile, focus or strategy significantly.

Changes in the regulatory landscape may be unsettling to our business model. New laws and regulations are being considered in the U.S. and our other countries of operation at an increasing pace, as there has been greater scrutiny on financial regulation over the past several years. Proposed or unforeseen changes in law or regulation, or changes in the way existing laws or regulations are enforced, may adversely impact our business. See “Business—Regulation” for a discussion of certain recently enacted and pending proposals by international, federal and state regulatory authorities and their potential impact on our business, including in the following areas:

•Financial sector regulatory reform.

•U.S. federal, state and local tax laws, including Corporate Alternative Minimum Tax ("CAMT").

•Fiduciary rules and other standards of care.

•Our regulation under U.S. state insurance laws and developments regarding group-wide supervision and capital standards, accounting rules, RBC factors for invested assets and reserves for life insurance, variable annuities and other products.

•Privacy, data, artificial intelligence and cybersecurity regulation.

Changes in accounting rules applicable to our business may also have an adverse impact on our results of operations or financial condition. For a discussion of accounting pronouncements and their potential impact on our business, see Note 2 to the Consolidated Financial Statements.

Changes in technology and other external factors may be unsettling to our business model. Rapid technological change puts pressure on existing business models. We believe the following aspects of technological and other changes would significantly impact our business model. There may be other unforeseen changes in technology and the external environment, including the regulatory response to technological change, which may have a significant impact on our business model.

•Interaction with customers. Evolving customer preferences and changing privacy regulations may drive a need to redesign products and change the way we interact with customers. Our distribution channels may change to become more automated, at the place and time of the customer’s choosing. Such changes clearly have the potential to disrupt our business model.

•Investment Portfolio. Technology may have a significant impact on the companies in which the Company invests. For example, environmental concerns spur scientific inquiry which may reposition the relative attractiveness of wind or sun power over oil and gas. The transportation industry may favor alternative modes of conveyance of goods which may shift trucking or air transport out of favor. Consumers may change their purchasing behavior to favor online activity which would change the role of malls and retail properties.

•Medical Advances. The Company is exposed to the impact of medical advances. The unequal availability of detailed information (e.g., genetic testing) to consumers and insurers can create asymmetrical information and create anti-election risks. Also, technologies that extend lives will challenge our actuarial assumptions particularly related to mortality and longevity risk.

Failure to adapt our business model in response to these and other technological developments could have an adverse impact on our results of operations or financial condition.

The following items are examples of other factors which could have an adverse impact on our business.

•Current Market Conditions. The imposition of tariffs and retaliatory actions could result in, among other things, rising interest rates, significant equity market declines, stagnant economic growth and high inflation, which could adversely impact our liquidity and capital positions, cash flows, results of operations, and financial position. For example, the combination of stagnant economic growth and high inflation would increase investment risk, including the underperformance of investments in more leveraged companies or companies exposed to weaker consumers. Also, the statutory capital of certain of Prudential Financial's insurance subsidiaries could be negatively affected by such things as increased reserve requirements, which could be caused by equity market declines, and asymmetrical and non-economic statutory accounting impacts from rising rates.

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•A downgrade in our financial strength or credit ratings could potentially, among other things, adversely impact our business prospects, results of operations, financial condition and liquidity. For a discussion of our ratings and the potential impact of a ratings downgrade on our business, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Capital”. We cannot predict what additional actions rating agencies may take, or what actions we may take in response to the actions of rating agencies, which could adversely affect our business. Our ratings could be downgraded at any time and without notice by any rating agency. Credit rating agencies continually review their methodologies, including capital and earnings assessment models, as well as their ratings for the companies that they follow, including us.

•The changing competitive landscape may adversely affect the Company. In our business we face intense competition from insurance companies and diversified financial institutions, both for the ultimate customers for our products and, in many businesses, for distribution through non-affiliated distribution channels. Technological advances, changing customer expectations, including related to digital offerings, access to customer data or other changes in the marketplace may present opportunities for new or smaller companies without established products or distribution channels to meet consumers’ increased expectations more efficiently than us. Fintech and insurtech companies and companies in other industries with greater access to customers and data have the potential to disrupt industries globally, and many participants have been partially funded by industry players.

•Climate change may increase the severity and frequency of calamities, or adversely affect our investment portfolio or investor sentiment. Climate change may increase the frequency and severity of weather-related disasters, pandemics and/or other natural disasters. In addition, climate change regulation may affect the prospects of companies and other entities whose securities we hold, or our willingness to continue to hold their securities. It may also impact other counterparties, including reinsurers, and affect the value of investments. We cannot predict the long-term impacts on us from climate change or related regulation. Climate change may also influence investor sentiment with respect to the Company and investments in our portfolio.

•We may fail to meet expectations relating to environmental, social, and governance standards and practices. Certain existing or potential investors, customers and regulators evaluate our business or other practices according to a variety of environmental, social and governance (“ESG”) standards and expectations. Certain of our regulators have proposed or adopted, or may propose or adopt, ESG rules or standards that would apply to our business. Our practices may be judged by ESG standards that are continually evolving and not always clear. Prevailing ESG standards and expectations may also reflect contrasting or conflicting values or agendas. We may fail to meet our commitments or targets, and our policies and processes to evaluate and manage ESG standards in coordination with other business priorities may not be completely effective or satisfy investors, customers, regulators, or others. We may face adverse regulatory, investor, customer, media, or public scrutiny leading to business, reputational, or legal challenges. In addition, with increasing anti-ESG regulations and sentiment, we could experience reduced revenue and reputational harm if we are targeted by government actors, private groups or influential individuals who disagree with our public positions on social or environmental issues.

•Market conditions and other factors may adversely impact product sales or increase expenses. Examples include:

•A change in market conditions, such as higher inflation and higher interest rates, could cause a change in consumer sentiment and behavior adversely affecting sales and persistency of our savings and protection products. Conversely, low inflation and low interest rates could cause persistency of these products to vary from that anticipated and adversely affect profitability. Similarly, changing economic conditions and unfavorable public perception of financial institutions can influence customer behavior, including increasing claims or surrenders in certain products.

•Lapses and surrenders of certain insurance products may increase if a market downturn, increased market volatility or other market conditions result in customers becoming dissatisfied with their investments or products.

•Our reputation may be adversely impacted if any of the risks described in this section are realized. Reputational risk could manifest in connection with any of the risks identified in the Company’s risk identification process. Failure to effectively manage risks across a broad range of risk issues exposes the Company to reputational harm. If the Company were to suffer a significant loss in reputation, both policyholders and counterparties could seek to exit existing relationships. Additionally, large changes in credit worthiness, especially credit ratings, could impact access to funding markets while creating additional collateral requirements for existing relationships. The mismanagement of any such risks may potentially damage our reputational asset. Our business is anchored in the strength of our brand, our alignment to our values, and our proven commitment to keep our promises to our customers. Any negative public perception, founded or otherwise, can be widely and rapidly shared over social media or other means, and could cause damage to our reputation.

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Item 1B.  Unresolved Staff Comments

None.

Item 1C.  Cybersecurity

Risk Management and Strategy

Because of the size and scope of our business, we are subject to numerous and evolving cybersecurity risks, any of which, if it materializes, could affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors—Operational Risk” for a discussion of such risks.

Cybersecurity risk management is integrated within our risk management framework. We conduct risk identification through several processes at the business unit, corporate, senior management, and Board levels. This framework includes escalation points to Prudential's risk committees, allowing cyber risk and control matters to be elevated to the Board of Directors or its Audit Committee for oversight.

In order to respond to the threat of security breaches and cyber-attacks, Prudential Financial has developed an information security program designed to protect and preserve the confidentiality, integrity, and continued availability of information owned by, or in the care of, the Company. This information security program provides for the coordination of various corporate functions and governance groups, including global technology, risk, legal, compliance and corporate audit, and serves as a framework for the execution of responsibilities across businesses and operational roles. Among other things, the information security program establishes security standards for our technological resources and includes training for employees, contractors and third-parties. Employees with access to our Company’s systems are subject to comprehensive annual training on responsible information security, data security, and cybersecurity practices and how to protect data against cyber threats.

As part of the information security program, we routinely engage independent outside advisors to assess the effectiveness of our program and our internal response preparedness. We also regularly engage with the broader cybersecurity community and monitor cyber threat information.

To address risks associated with third-parties, Prudential Financial has established an enterprise-wide Third-Party Risk Management Program. This program’s features include, among other things, identifying, assessing and managing cybersecurity risks throughout the life of our third-party relationships.

We also maintain an incident response plan, which specifies escalation and evaluation processes for cyber events. This plan is executed in close coordination with our corporate functions, including a dedicated cyber and privacy law function, external affairs, and risk management, and is designed to ensure, among other things, appropriate and timely reporting and disclosure.

During the period covered by this Report, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors—Operational Risk” for a discussion of risks related to cybersecurity.

Governance

Prudential Financial's information security program is overseen by the Chief Information Security Officer (“CISO”) and Information Security Office, as well as the Head of Global Technology and Operations (“HGTO”). The CISO and Information Security Office are responsible for monitoring for cybersecurity incidents impacting Prudential's systems, and ensuring appropriate processes are maintained to inform management of the prevention, detection, mitigation, and remediation of such cybersecurity incidents. We believe that Prudential Financial's employees responsible for managing cybersecurity risk have the skills and knowledge to assess and manage the Company's material risks from cybersecurity threats, and their qualifications include degrees and certifications typical for cybersecurity professionals. We expect these employees to, among other things, understand computer systems, networks, and security technologies and be proficient in a variety of security tools and techniques. The current CISO, who is serving in an interim capacity, has served in various roles in information security for over 20 years, including as Deputy CISO and roles overseeing cyber defense, investigation, and incident response. The interim CISO holds a law degree and has attained numerous Global Assurance Certifications.

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Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, Prudential Financial's Board and the Audit Committee also receive updates about the results of program reviews, including assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness. To the extent cybersecurity controls are related to internal control over financial reporting, such controls are considered in the context of Prudential Financial's annual external integrated audit.

Prudential Financial's Audit Committee regularly briefs the full Board of Directors on these matters, and the full Board of Directors also receives periodic briefings on cyber threats in order to enhance our directors’ literacy on cyber issues.

Item 2.  Properties

Office space is provided by Prudential Insurance, as described under “Expense Charges and Allocations” in Note 16 to the Consolidated Financial Statements.

Item 3.  Legal Proceedings

See Note 17 to the Consolidated Financial Statements under “Litigation and Regulatory Matters” for a description of certain pending litigation and regulatory matters affecting us, and certain risks to our business presented by such matters.

Item 4.  Mine Safety Disclosures

Not Applicable.

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PART II

Item 5.  Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The Company is a wholly-owned subsidiary of Prudential Insurance. There is no public market for the Company’s common stock.

Item 6.  [Reserved]

Part II. Item 6 is no longer required pursuant to certain amendments to Regulation S-K that eliminated Item 301.

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the "Forward-Looking Statements" included below the Table of Contents, “Risk Factors”, and the Consolidated Financial Statements included in this Annual Report on Form 10-K.

Overview

The Company sells variable annuities, indexed variable annuities, fixed annuities, universal life insurance, variable life insurance and term life insurance primarily through affiliated and unaffiliated distributors in the United States.

In August 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re") to coinsure a closed block of guaranteed universal life ("GUL") policies. The Company recaptured all risks associated with the subject GUL policies from Prudential Arizona Reinsurance Universal Company ("PAR U") and subsequently established yearly renewable term ("YRT") reinsurance for the subject GUL business with The Prudential Insurance Company of America ("Prudential Insurance"). The transaction was completed in December 2024 with an effective date of October 1, 2024. Effective October 1, 2025, the Company recaptured YRT treaties with Prudential Insurance and subsequently established YRT reinsurance for the business with third-party reinsurers. See Note 12 to the Consolidated Financial Statements for additional information.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. ("Somerset Re") to coinsure a closed block of GUL policies to Prudential Universal Reinsurance Entity Company ("PURE"), a wholly-owned subsidiary of Prudential Insurance, with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U, Prudential Universal Reinsurance Company ("PURC") and Gibraltar Universal Life Reinsurance Company ("GUL Re") and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. Effective October 1, 2025, the Company recaptured certain YRT treaties with Prudential Insurance and subsequently established YRT reinsurance for the business with third-party reinsurers. See Note 12 to the Consolidated Financial Statements for additional information.

In May 2023, the Company entered into an agreement with AuguStar Life Insurance Company (formerly known as The Ohio National Life Insurance Company), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of Prudential Defined Income ("PDI") traditional variable annuity contracts with guaranteed living benefits. The transaction was completed on June 30, 2023 with an effective date of April 1, 2023. See Note 12 to the Consolidated Financial Statements for additional information.

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Revenues and Expenses

The Company earns revenues principally from insurance premiums, mortality and expense fees, asset administration fees from insurance and investment products, and from net investment income on the investment of general account and other funds. The Company receives premiums primarily from the sale of individual life insurance and annuity products. The Company earns mortality and expense fees, and asset administration fees, primarily from the sale and servicing of universal life insurance and separate account products including variable life insurance and variable annuities. The Company’s operating expenses principally consist of insurance benefits provided and reserves established for anticipated future insurance benefits, general business expenses, reinsurance premiums, commissions and other costs of selling and servicing the various products sold and interest credited on general account liabilities.

Industry Trends

Our business is impacted by financial markets, economic conditions, regulatory oversight, and a variety of trends that affect the industries where we compete.

Financial and Economic Environment. Through 2021, interest rates in the U.S. had experienced a prolonged period of historically low levels. This was followed by significant increases in 2022 through 2023. While there have been modest declines in 2024 and 2025, rates have sustained higher levels relative to historical periods. We expect that a continued level of relative higher interest rates will benefit our results over time. We continue to monitor current market conditions and the potential impact to our business in the event of slowing or negative economic growth. In addition, we are subject to financial impacts associated with movements in equity markets and the evolution of the credit cycle as discussed in “Item 1A. Risk Factors".    

Demographics. Individual customer demographics continue to evolve and new opportunities present themselves in different consumer segments such as the millennial and multicultural markets. Consumer expectations and preferences are changing. We believe existing and potential customers are increasingly looking for cost-effective solutions that they can easily understand and access through technology-enabled devices. At the same time, income protection, wealth accumulation and the needs of retiring baby boomers are continuing to shape the insurance industry. A persistent retirement security gap exists in terms of both savings and protection.

Regulatory Environment. See “Business—Regulation” for a discussion of regulatory developments that may impact the Company and the associated risks.

Competitive Environment. See “Business” for a discussion of the competitive environment and the basis on which we compete.

Impact of Changes in the Interest Rate Environment

Market interest rates are a key driver of our liquidity and capital positions, cash flows, results of operations and financial position. Changes in interest rates can affect these in several ways, including favorable or adverse impacts to:

•investment-related activity, including: investment income returns, net investment spread results,

new money rates, mortgage loan prepayments and bond redemptions;

•the valuation of fixed income investments and derivative instruments;

•collateral posting requirements, hedging costs and other risk mitigation activities;

•customer account values and assets under management, including their impacts on fee-related income;

•insurance reserve levels, including market risk benefits ("MRBs"), and market experience true-ups;

•policyholder behavior, including surrender or withdrawal activity; and

•product offerings, design features, crediting rates and sales mix.

In order to manage the impacts that changes in interest rates have on our net investment spread, we employ a proactive asset/liability management program, which includes strategic asset allocation and hedging strategies within a disciplined risk management framework. These strategies seek to match the liability characteristics of our products and to closely approximate the interest rate sensitivity of assets with that of product liabilities. We also manage duration gaps, currency and other risks between assets and liabilities through the use of derivatives, and adjust these strategies as products, customer behavior, and market conditions evolve. Our interest rate exposure is also mitigated by our business mix, which includes lines of business where fee-based and insurance underwriting earnings play a more prominent role in product profitability. We also regularly examine our product offerings and may reprice or discontinue sales of certain products that do not meet our profit expectations.

For additional information regarding interest rate risks, see "Risk Factors—Market Risk" and “Item 7A. Quantitative and Qualitative Disclosures About Market Risk”.

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Accounting Policies & Pronouncements

Application of Critical Accounting Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews the estimates and assumptions used in the preparation of the Company's financial statements. If management determines that modifications to assumptions and estimates are appropriate given current facts and circumstances, the Company’s results of operations and financial position as reported in the Consolidated Financial Statements could change significantly.

The following sections discuss the accounting policies applied in preparing our financial statements that management believes are most dependent on the application of estimates and assumptions and require management’s most difficult, subjective or complex judgments.

Insurance Liabilities

Future Policy Benefits

Future Policy Benefit Reserves, including Unpaid Claims and Claim Adjustment Expenses

We establish reserves for future policy benefits to, or on behalf of, policyholders, using methodologies prescribed by U.S. GAAP. See Note 2 to the Consolidated Financial Statements for additional information regarding the reserving methodologies used.

The assumptions used in establishing reserves are generally based on the Company’s experience, industry experience and/or other factors, as applicable. We update our actuarial assumptions, such as mortality, morbidity, retirement and policyholder behavior assumptions, annually unless a material change in our own experience or in industry experience made available to us is observed in an interim period that we feel is indicative of a long-term trend. Generally, we do not expect trends to change significantly in the short-term and, to the extent these trends may change, we expect such changes to be gradual over the long-term.

We perform an annual comprehensive review of the assumptions used for estimating future premiums, benefits, and other cash flows, including reviews related to mortality, morbidity, lapse, surrender, and other contractholder behavior assumptions, and economic assumptions, including expected future rates of returns on investments. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either elsewhere within the Company or within the industry. As part of this review, we may update these assumptions and make refinements to our models based upon emerging experience, future expectations and other data, including any observable market data we feel is indicative of a long-term trend. The impact on our results from operations of changes in these assumptions can be offsetting and we are unable to predict their movement or impact over time.

Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table when Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within types of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.

The quarterly adjustments for market performance referred to above reflect the impact of changes to our estimate of future rates of returns on investments to reflect actual fund performance and market conditions. A portion of returns on investments for our variable life contracts are dependent upon the total rate of return on assets held in separate account investment options. This rate of return influences the fees we earn and expected claims to be paid on variable life contracts, as well as other sources of profit. Returns that are higher than our expectations for a given period produce higher-than-expected account balances, which increase the future fees we expect to earn on variable life contracts and decrease expected claims to be paid on variable life contracts. The opposite occurs when returns are lower than our expectations.

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The weighted average rate of return assumptions used in developing estimated market returns consider many factors specific to each product type, including asset durations, asset allocations and other factors. With regard to equity market assumptions, the near-term future rate of return assumption used in evaluating liabilities for future policy benefits for certain of our products, primarily our domestic variable life insurance products, is generally updated each quarter and is derived using a reversion to the mean approach, a common industry practice. Under this approach, we consider historical equity returns and adjust projected equity returns over an initial future period of five years (the “near-term”) so that equity returns converge to the long-term expected rate of return. If the near-term projected future rate of return is greater than our near-term maximum future rate of return of 15.0%, we use our maximum future rate of return. If the near-term projected future rate of return is lower than our near-term minimum future rate of return of 0%, we use our minimum future rate of return. As of December 31, 2025, our domestic variable life insurance businesses assume an 8.0% long-term equity expected rate of return and a 2.3% near-term mean reversion equity expected rate of return, and our international variable life insurance business assumes a 5.5% long-term equity expected rate of return and a 0% near-term mean reversion equity expected rate of return.

With regard to interest rate assumptions used in evaluating liabilities for future policy benefits for certain of our products, we update the long-term and near-term future rates used to project fixed income returns annually and quarterly, respectively. As a result of our 2025 annual reviews and update of assumptions and other refinements, we kept our long-term expectation of the 10-year U.S. Treasury rate unchanged and continue to grade to a rate of 3.5% over ten years, and increased our long term expectation of the 10-year Japanese Government Bond yield by 25 basis points, and now grade to a rate of 1.5% over ten years. As part of our quarterly market experience updates, we update our near-term projections of interest rates to reflect changes in current rates. For additional information regarding discount rates used to establish the liability for future policy benefits, see Note 2 to the Consolidated Financial Statements.

The following paragraph provides additional details about the material reserves we have established:

The reserves for future policy benefits as of December 31, 2025, primarily relate to term life and universal life products. For term life contracts, the future policy benefit reserves are generally calculated using the net premium valuation methodology. The primary assumptions used in determining these expected future benefits and expenses include mortality, lapse, and interest rate assumptions. For universal life products, which include universal life contracts that contain no-lapse guarantees, reserves for future policy benefits are established using current best estimate assumptions and are based on the benefit ratio. The primary assumptions used in establishing these reserves generally include mortality, lapse, and premium pattern, as well as interest rate and equity market return assumptions. Reserves also include claims reported but not yet paid, and claims incurred but not yet reported.

Policyholders’ Account Balances

Policyholders’ account balances liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability includes provisions for benefits under non-life contingent payout annuities. Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 6 to the Consolidated Financial Statements.

Market Risk Benefits ("MRBs")

Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk. The liability (or asset) for MRBs is estimated using a fair value measurement methodology. The fair value of these MRBs is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of these MRB features, see Note 6 to the Consolidated Financial Statements.

Inclusive of Policyholders' Account Balances and Market risk benefits, the Company estimates that a hypothetical change to its own credit risk of plus 50 and minus 50 basis points ("bps") would result in an increase and a decrease to Other Comprehensive Income (loss) (“OCI”) of $470 million and $500 million, respectively, and an increase and a decrease to net income of $335 million and $410 million, respectively.

Sensitivities for Insurance Assets and Liabilities

The following table summarizes the impact that could result on each of the listed financial statement balances from changes in certain key assumptions. The information below is for illustrative purposes and includes only the hypothetical direct impact on December 31, 2025 balances of changes in a single assumption and not changes in any combination of assumptions. Additionally, the illustration of the insurance assumption impacts below reflects a parallel shift in the insurance assumptions; however, these may be non-parallel in practice. Changes in current assumptions could result in impacts to financial statement balances that are in excess of the amounts illustrated. A description of the estimates and assumptions used in the preparation of each of these financial statement balances is provided above. Changes to the insurance cash flow assumptions are reflected in net income through the retrospective unlocking method for traditional long duration, limited-payment and universal life type products.

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The impacts presented within this table exclude the impacts of our asset liability management strategy, which seeks to offset the changes in the balances presented within this table and is primarily composed of investments and derivatives. See further below for a discussion of the estimates and assumptions involved with the application of U.S. GAAP accounting policies for these instruments and “Item 7A. Quantitative and Qualitative Disclosures about Market Risk” for hypothetical impacts on related balances as a result of changes in certain significant assumptions. The impacts presented within this table are also net of reinsurance. See Note 12 to the Consolidated Financial Statements for additional information regarding our material reinsurance agreements.

			Increase (Decrease) in Net Income due to changes in Future Policy Benefits, Market Risk Benefits(1), and Policyholders' Account Balances, Net of Reinsurance
			(in millions)
Hypothetical change in current assumptions:
Long-term interest rate:
Increase by 25 basis points			$	(5)
Decrease by 25 basis points			$	0
Long-term equity expected rate of return:
Increase by 50 basis points			$	(10)
Decrease by 50 basis points			$	5
Mortality:
Increase by 1%			$	50
Decrease by 1%			$	(50)
Lapse(2):
Increase by 10%			$	30
Decrease by 10%			$	(10)

(1)    MRB impact reflects the net impact of MRB assets and liabilities prior to hedging.

(2)    Assumes the same shock across all products; however, we would not expect lapse rates of different products to move uniformly.

Other Accounting Policies

Valuation of Investments, Including Derivatives, Measurement of Allowance for Credit Losses, and the Recognition of Other-than-Temporary Impairments

Our investment portfolio consists of public and private fixed maturity securities, commercial mortgage and other loans, equity securities, other invested assets and derivative financial instruments. Management believes the following accounting policies related to investments, including derivatives, are most dependent on the application of estimates and assumptions. Each of these policies is discussed further within other relevant disclosures related to investments and derivatives, as referenced below:

•Valuation of investments, including derivatives;

•Measurement of the allowance for credit losses on fixed maturity securities classified as available-for-sale, commercial mortgage loans, and other loans; and

•Recognition of other-than-temporary impairments ("OTTI") for equity method investments.

We present at fair value in the statements of financial position our debt security investments classified as available-for-sale, investments classified as trading, and certain fixed maturities, equity securities and certain investments within “Other invested assets,” such as derivatives. For additional information regarding the key estimates and assumptions surrounding the determination of fair value of fixed maturity and equity securities, as well as derivative instruments, embedded derivatives and other investments, see Note 6 to the Consolidated Financial Statements.

For our investments classified as available-for-sale, the impact of changes in fair value is recorded as an unrealized gain or loss in AOCI, a separate component of equity. For our investments classified as trading and equity securities, the impact of changes in fair value is recorded within “Other income (loss)”. Our commercial mortgage and other loans are carried primarily at unpaid principal balances, net of unamortized deferred loan origination fees and expenses and unamortized premiums or discounts and a valuation allowance for losses.

In addition, an allowance for credit losses is measured each quarter for available-for-sale fixed maturity securities, and for commercial mortgage and other loans. For additional information regarding our policies in respect to the measurement of credit losses, see Note 2 to the Consolidated Financial Statements.

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For equity method investments, the carrying value of these investments is written down or impaired to fair value when a decline in value is considered to be other-than-temporary. See Note 2 of the Consolidated Financial Statements for additional information regarding our OTTI policies.

Taxes on Income

Our effective tax rate is based on income, non-taxable and non-deductible items, tax credits, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities and expectations about future outcomes. The Dividend Received Deduction (“DRD”) is a major reason for the difference between the Company’s effective tax rate and the U.S. federal statutory rate. The DRD is an estimate that incorporates the prior and current year information, as well as the current year’s equity market performance. Both the current estimate of the DRD and the DRD in future periods can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from underlying fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.

An increase or decrease in our effective tax rate by one percentage point would have resulted in a decrease or increase in our 2025 "Income tax expense (benefit)" of $23 million.

Contingencies

A contingency is an existing condition that involves a degree of uncertainty that will ultimately be resolved upon the occurrence of future events. Accruals for contingencies are required to be established when the future event is probable and its impact can be reasonably estimated, such as in connection with an unresolved legal matter. The initial reserve reflects management’s best estimate of the probable cost of ultimate resolution of the matter and is revised accordingly as facts and circumstances change and, ultimately, when the matter is brought to closure.

Reinsurance

The Company participates in reinsurance arrangements as either the ceding entity or the assuming entity primarily to manage capital, reduce exposure to loss and risk volatility, and provide additional capacity for future growth and diversification. Reinsurance related assets and liabilities include, in part, embedded derivatives and the cost of reinsurance, which require a significant amount of management judgment. See Note 2 to the Consolidated Financial Statements for additional information regarding reinsurance.

Adoption of New Accounting Pronouncements

There were no new critical accounting estimates resulting from new accounting pronouncements adopted during 2025. See Note 2 to the Consolidated Financial Statements for accounting pronouncements issued but not yet adopted and newly adopted accounting pronouncements.

Changes in Financial Position

2025 to 2024 Annual Comparison

Total assets increased $23.9 billion from $238.5 billion at December 31, 2024 to $262.4 billion at December 31, 2025. Significant components were:

•Total investments increased $16.9 billion primarily driven by new sales of general account annuity products; and

•Reinsurance recoverables and deposit receivables increased $6.1 billion primarily driven by the reinsurance of fixed annuities, higher GUL reserves reinsured with affiliated and external counterparties, as well as the impact related to the novation of certain YRT treaties from Prudential Insurance to the Company.

Total liabilities increased $20.5 billion from $233.8 billion at December 31, 2024 to $254.3 billion at December 31, 2025. Significant components were:    

•Policyholder account balances increased $17.0 billion primarily driven by new sales of general account annuity products;

•Reinsurance and funds withheld payables increased $2.8 billion primarily driven by increased reinsurance activity, as well as the impact related to the novation of certain YRT treaties from Prudential Insurance to the Company; and

•Other liabilities decreased $1.7 billion primarily driven by the recognition of previously deferred reinsurance gains resulting from the novation of certain YRT treaties from Prudential Insurance to the Company.

Total equity increased $3.3 billion primarily driven by net income during the year, as well as unrealized gains from declining interest rates and changes to direct NPR spreads.

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Results of Operations

Income (loss) from Operations before Income Taxes

2025 to 2024 Annual Comparison

Income (loss) from operations before income taxes increased $1,294 million from $973 million in 2024 to $2,267 million in 2025. The impact from our annual reviews and update of assumptions and other refinements was a net loss of $982 million. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, income (loss) from operations increased $2,276 million primarily driven by:

•Increased net investment income due to net business growth driven by incremental indexed product sales;

•Higher Other income (loss) primarily due to the recognition of previously deferred reinsurance gains resulting from the novation of certain YRT treaties from Prudential Insurance to the Company; and

•Lower Policyholders' benefits driven by the absence of the 2024 reinsurance recapture of the Company's GUL insurance policies.

Partially offset by:

•Lower Policy charges and fee income driven by the absence of the 2024 reinsurance recapture of the Company's GUL insurance policies;

•Lower Realized investment gains (losses), net driven by ceded net investment income related to reinsurance transactions, as well as changes in interest rates; and

•Higher amortization of deferred policy acquisition costs driven by the absence of the 2024 reinsurance recapture of the Company's GUL insurance policies.

Revenues, Benefits and Expenses

2025 to 2024 Annual Comparison

Revenues decreased $5,204 million from $11,199 million in 2024 to $5,995 million in 2025. This includes an unfavorable comparative decrease of $1,252 million from our annual reviews and update of assumptions and other refinements. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, revenues decreased $3,952 million primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

Benefits and expenses decreased $6,498 million from $10,226 million in 2024 to $3,728 million in 2025. This includes a favorable comparative decrease of $270 million from our annual reviews and update of assumptions and other refinements. Excluding the comparative impact of our annual reviews and update of assumptions and other refinements, benefits and expenses decreased $6,228 million primarily driven by the items mentioned above in Income (loss) from operations before income taxes.

Risks and Risk Mitigants

Fixed Annuity Risks and Risk Mitigants. The primary risk exposure of these fixed annuity products relates to investment risks we bear for providing customers a minimum guaranteed interest rate or an index-linked interest rate required to be credited to the customer’s account value, which include interest rate fluctuations and/or sustained periods of low interest rates, and credit risk related to the underlying investments. We manage these risk exposures primarily through our investment strategies and product design features, which include credit rate resetting subject to the minimum guaranteed interest rate, as well as surrender charges applied during the early years of the contract that help to provide protection for premature withdrawals. In addition, a portion of our fixed annuity products has a market value adjustment provision that affords protection of lapse in the case of rising interest rates. We also manage these risk exposures through external reinsurance for certain of our fixed annuity products.

Indexed Variable Annuity Risks and Risk Mitigants. The primary risk exposure of these indexed variable annuity products relates to the investment risks we bear in order to credit to the customer’s account balance the required crediting rate based on the performance of the elected indices at the end of each term. We manage this risk primarily through our investment strategies including derivatives and product design features, which include credit rate resetting subject to contractual minimums as well as surrender charges applied during the early years of the contract that help to provide protection for premature withdrawals. In addition, our indexed variable annuity strategies have an interim value provision that provides protection from lapse in the case of rising interest rates.

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Variable Annuity Risks and Risk Mitigants. The primary risk exposures of our variable annuity contracts relate to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including capital markets assumptions such as equity market returns, interest rates and market volatility, along with actuarial assumptions such as contractholder mortality, the timing and amount of annuitization and withdrawals, and contract lapses. For these risk exposures, achievement of our expected returns is subject to the risk that actual experience will differ from the assumptions used in the original pricing of these products. Prudential Financial, Inc. (“Prudential Financial”) manages our exposure to certain risks driven by fluctuations in capital markets primarily through a combination of i) Product Design Features, and ii) our Asset Liability Management Strategy ("ALM"), as discussed below. The Company also manages these risk exposures through external reinsurance for certain of our variable annuity products. For additional information regarding our external reinsurance agreements, see Note 1 of the Consolidated Financial Statements. Sales of traditional variable annuities with guaranteed living benefit riders were discontinued as of December 31, 2020, and, in April 2022, the sale of a portion of our in force traditional variable annuity block was completed.

Product Design Features:

A portion of the variable annuity contracts that we offer include an asset transfer feature. This feature is implemented at the contract level, and transfers assets between certain variable investment sub-accounts selected by the annuity contractholder and, depending on the benefit feature, a fixed-rate account in the general account or a bond fund sub-account within the separate account. The objective of the asset transfer feature is to reduce our exposure to equity market risk and market volatility. The asset transfer feature associated with our highest daily living benefit products uses a designated bond fund sub-account within the separate account. The transfers are based on a static mathematical formula used with the particular benefit which considers a number of factors, including, but not limited to, the impact of investment performance on the contractholder’s total account value. Other product design features we utilize include, among others, asset allocation restrictions, minimum issuance age requirements and certain limitations on the amount of contractholder purchase payments, as well as a required minimum allocation to our general account for certain of our products. We continue to introduce products that diversify our risk profile and have incorporated provisions in product design allowing frequent revisions of key pricing elements for certain of our products. In addition, there is diversity in our fee arrangements, as certain fees are primarily based on the benefit guarantee amount, the contractholder account value and/or premiums, which helps preserve certain revenue streams when market fluctuations cause account values to decline.

Asset Liability Management Strategy (including fixed income instruments and derivatives):

We employ an ALM strategy that utilizes a combination of both traditional fixed income instruments and derivatives to meet expected liabilities associated with our annuity guarantees. The MRB liability that we hedge consists of expected living and death benefit claims under various market conditions, which are managed using fixed income instruments, derivatives, or a combination thereof. For our Prudential Defined Income variable annuity, we utilize fixed income instruments to meet expected liabilities. For the portion of our ALM strategy executed with derivatives, we enter into a range of exchange-traded and over-the-counter (“OTC”) equity, interest rate and credit derivatives, including, but not limited to: equity and treasury futures; total return, credit default and interest rate swaps; and options including equity options, swaptions, and floors and caps. The intent of this strategy is to more efficiently manage the capital and liquidity associated with these products while continuing to mitigate fluctuations in net income due to movements in capital markets. To achieve this, we periodically review and recalibrate the ALM strategy by optimizing the mix of derivatives and fixed income instruments to achieve expected outcomes.

Under our ALM strategy, we expect differences in the U.S. GAAP net income impact between the changes in value of the fixed income instruments (either designated as available-for-sale or designated as trading) and derivatives as compared to the changes in the MRB liability these assets support. These differences can be primarily attributed to two distinct areas:

•Different accounting treatment between liabilities and assets supporting those liabilities. Under U.S. GAAP, changes in the fair value of the derivative instruments and fixed income instruments designated as trading, and MRB, excluding the changes in the Company’s NPR spreads, are immediately reflected in net income, while changes in the fair value of fixed income instruments that are designated as available-for-sale are recorded as unrealized gains (losses) in other comprehensive income.

•General hedge results. For the derivative portion of the ALM strategy, the net hedging impact (the extent to which the changes in value of the hedging instruments offset the change in value of the portion of the MRB we are hedging) may be impacted by a number of factors, including: cash flow timing differences between our hedging instruments and the corresponding portion of the MRB we are hedging, basis differences attributable to actual underlying contractholder funds to be hedged versus hedgeable indices, rebalancing costs related to dynamic rebalancing of hedging instruments as markets move, certain elements of the MRB that may not be hedged (including certain actuarial assumptions), and implied and realized market volatility on the hedge positions relative to the portion of the MRB we seek to hedge.

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Income Taxes

The effective tax rate is the ratio of “Income tax expense (benefit)” divided by “Income (loss) from operations before income taxes and equity in earnings of operating joint ventures". Our effective tax rate for fiscal years 2025, 2024, and 2023 was 18.6%, 13.9% and 5.5%, respectively. For a detailed description of the nature of each significant reconciling item, see Note 13 to the Consolidated Financial Statements.

Unrecognized Tax Benefits

The Company’s liability for income taxes includes the liability for unrecognized tax benefits and interest that relate to tax years still subject to review by the Internal Revenue Service or other taxing authorities. The completion of review or the expiration of the U.S. Federal statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company had no unrecognized benefit as of December 31, 2025, 2024, and 2023.

Income Tax Expense vs. Income Tax Paid in Cash

Income tax expense recorded under U.S. GAAP routinely differs from the income taxes paid in cash in any given year. Income tax expense recorded under U.S. GAAP is based on income reported in our Consolidated Statements of Operations for the current period and it includes both current and deferred taxes. Income taxes paid during the year include tax installments made for the current year as well as tax payments and refunds related to prior periods.

For additional information regarding income tax related items, see “Business—Regulation” and Note 13 to the Consolidated Financial Statements.

Liquidity and Capital Resources

Overview

Liquidity refers to the ability to generate sufficient cash resources to meet the payment obligations of the Company. Capital refers to the long-term financial resources available to support the operations of our business, fund business growth, and provide a cushion to withstand adverse circumstances. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of our business, general economic conditions, our ability to borrow from affiliates and our access to the capital markets through affiliates as described herein.

Effective and prudent liquidity and capital management is a priority across the organization. Management monitors the liquidity of the Company on a daily basis and projects borrowing and capital needs over a multi-year time horizon. We use a Risk Appetite Framework ("RAF") to ensure that all risks taken by the Company align with our capacity and willingness to take those risks. The RAF provides a dynamic assessment of capital and liquidity stress impacts, including scenarios similar to, and more severe than, those occurring due to COVID-19, and is intended to ensure that sufficient resources are available to absorb those impacts. We believe that our capital and liquidity resources are sufficient to satisfy the capital and liquidity requirements of the Company.

Our businesses are subject to comprehensive regulation and supervision by domestic and international regulators. These regulations currently include requirements (many of which are the subject of ongoing rule-making) relating to capital and liquidity management. For information on these regulatory initiatives and their potential impact on us, see “Business—Regulation" and “Risk Factors".

Capital

We manage the Company to regulatory capital levels consistent with our "AA" ratings targets. We utilize the risk-based capital (“RBC”) ratio as a primary measure of capital adequacy. RBC is calculated based on statutory financial statements and risk formulas consistent with the practices of the National Association of Insurance Commissioners ("NAIC"). RBC considers, among other things, risks related to the type and quality of the invested assets, insurance-related risks associated with an insurer’s products and liabilities, interest rate risks, and general business risks. RBC ratio calculations are intended to assist insurance regulators in measuring an insurer’s solvency and ability to pay future claims. The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities, but is available to the public. The Company’s capital levels substantially exceed the minimum level required by applicable insurance regulations. Our regulatory capital levels may be affected in the future by changes to the applicable regulations, proposals for which are currently under consideration by both domestic and international insurance regulators.

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The regulatory capital level of the Company can be materially impacted by interest rate and equity market fluctuations, changes in the values of derivatives, the level of impairments recorded, and credit quality migration of the investment portfolio, among other items. In addition, the reinsurance of business or the recapture of business subject to reinsurance arrangements due to defaults by, or credit quality migration affecting, the reinsurers or for other reasons could negatively impact regulatory capital levels. The Company’s regulatory capital level is also affected by statutory accounting rules, which are subject to change by each applicable insurance regulator.

Captive Reinsurance Companies

Prudential Financial and the Company use captive reinsurance companies for our individual life business to more effectively manage our reserves and capital on an economic basis and to enable the aggregation and transfer of risks. The captive reinsurance companies assume business from affiliates only. To support the risks they assume, our captives are capitalized to a level we believe is consistent with the “AA” financial strength rating targets of Prudential Financial’s insurance subsidiaries. All of the captive reinsurance companies are wholly-owned subsidiaries of Prudential Financial and are located domestically, typically in the state of domicile of the direct writing insurance subsidiary that cedes the majority of business to the captive. In addition to state insurance regulation, the captives are subject to internal policies governing their activities. In the normal course of business, Prudential Financial contributes capital to the captives to support business growth and other needs. Prudential Financial has also entered into support agreements with several of the captives in connection with financing arrangements.

Prudential Financial's life insurance subsidiaries are subject to a regulation entitled “Valuation of Life Insurance Policies Model Regulation,” commonly known as “Regulation XXX,” and a supporting guideline entitled “The Application of the Valuation of Life Insurance Policies Model Regulation,” commonly known as “Guideline AXXX.” The regulation and supporting guideline require insurers to establish statutory reserves for term and universal life insurance policies with long-term premium guarantees at a level that exceeds what our actuarial assumptions for this business would otherwise require. Prudential Financial uses captive reinsurance companies to finance the portion of the reserves for this business that we consider to be non-economic as described below under “—Financing Activities—Term and Universal Life Reserve Financing.”

Liquidity

Our liquidity is managed to ensure stable, reliable and cost-effective sources of cash flows to meet all of our obligations. Liquidity is provided by a variety of sources, as described more fully below, including portfolios of liquid assets. Our investment portfolios are integral to the overall liquidity of the Company. We use a projection process for cash flows from operations to ensure sufficient liquidity to meet projected cash outflows, including claims. The impact of Prudential Funding, LLC’s ("Prudential Funding"), a wholly-owned subsidiary of Prudential Insurance, financing capacity on liquidity (as described below) is considered in the internal liquidity measures of the Company.

Liquidity is measured against internally-developed benchmarks that take into account the characteristics of both the asset portfolio and the liabilities that they support. We consider attributes of the various categories of liquid assets (for example, type of asset and credit quality) in calculating internal liquidity measures to evaluate our liquidity under various stress scenarios, including company-specific and market-wide events. We continue to believe that cash generated by ongoing operations and the liquidity profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios.

The principal sources of the Company’s liquidity are premiums and certain annuity considerations, investment and fee income, investment maturities, sales of investments and internal borrowings. The principal uses of that liquidity include benefits, claims, and payments to policyholders and contractholders in connection with surrenders, withdrawals and net policy loan activity. Other uses of liquidity include commissions, general and administrative expenses, purchases of investments, the payment of dividends and returns of capital to the parent company, hedging and reinsurance activity and payments in connection with financing activities.

In managing liquidity, we consider the risk of policyholder and contractholder withdrawals of funds earlier than our assumptions when selecting assets to support these contractual obligations. We use surrender charges and other contract provisions to mitigate the extent, timing and profitability impact of withdrawals of funds by customers.

Liquid Assets

Liquid assets include cash and cash equivalents, short-term investments, U.S. Treasury fixed maturities, fixed maturities that are not designated as held-to-maturity, and public equity securities. As of December 31, 2025 and 2024, the Company had liquid assets of $58.6 billion and $45.3 billion, respectively. The portion of liquid assets comprised of cash and cash equivalents and short-term investments was $3.2 billion and $3.8 billion as of December 31, 2025 and 2024, respectively. As of December 31, 2025, $44.7 billion, or 94%, of the fixed maturity investments in the Company's general account portfolios were rated high or highest quality based on NAIC or equivalent rating.

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Prudential Funding, LLC

Prudential Financial and Prudential Funding borrow funds in the capital markets primarily through the direct issuance of commercial paper. The borrowings serve as an additional source of financing to meet our working capital needs. Prudential Funding operates under a support agreement with Prudential Insurance whereby Prudential Insurance has agreed to maintain Prudential Funding’s positive tangible net worth at all times.

Hedging activities associated with Annuities

For the portion of the risk management strategy executed through hedging, we enter into a range of exchange-traded, cleared and other OTC equity and interest rate derivatives in order to hedge certain capital market risks related to more severe market conditions. This portion of our ALM strategy requires access to liquidity to meet payment obligations relating to these derivatives, such as payments for periodic settlements, purchases, maturities and terminations. These liquidity needs can vary materially due to, among other items, changes in interest rates, equity markets, mortality and policyholder behavior.

The hedging portion of our ALM strategy may also result in derivative-related collateral postings to (when we are in a net pay position) or from (when we are in a net receive position) counterparties. The net collateral position depends on changes in interest rates and equity markets related to the amount of the exposures hedged. Depending on market conditions, the collateral posting requirements can result in material liquidity needs when we are in a net post position.

Financing Activities

Term and Universal Life Reserve Financing

For business written prior to the implementation of principle-based reserving, Regulation XXX and Guideline AXXX require domestic life insurers to establish statutory reserves for term and universal life insurance policies with long-term premium guarantees that are consistent with the statutory reserves required for other individual life policies with similar guarantees. Many market participants believe that these levels of reserves are excessive relative to the levels reasonably required to maintain solvency for moderately adverse experience. The difference between the statutory reserve and the amount necessary to maintain solvency for moderately adverse experience is considered to be the non-economic portion of the statutory reserve.

The Company uses affiliated captive reinsurance companies to finance the portion of the statutory reserves required to be held under Regulation XXX and Guideline AXXX that is considered to be non-economic. The financing arrangements involve the reinsurance of term and universal life business to our affiliated captive reinsurers and the issuance of surplus notes by those affiliated captives that are treated as capital for statutory purposes. These surplus notes are subordinated to policyholder obligations, and the payment of principal and interest on the surplus notes can only be made with prior insurance regulatory approval.

Under the agreements, the affiliated captive receives in exchange for the surplus notes one or more credit-linked notes issued by a special-purpose affiliate of the Company with an aggregate principal amount equal to the surplus notes outstanding. The affiliated captive holds the credit-linked notes as assets supporting Regulation XXX or Guideline AXXX non-economic reserves, as applicable. The captive can redeem the principal amount of the outstanding credit-linked notes for cash upon the occurrence of, and in an amount necessary to remedy, a specified liquidity stress event affecting the captive. Under the agreements, the external counterparties have agreed to fund any such payments under the credit-linked notes in return for the receipt of fees. To date, no such payments under the credit-linked notes have been required. Under these transactions, because valid rights of set-off exist, interest and principal payments on the surplus notes and on the credit-linked notes are settled on a net basis, and the surplus notes are reflected in the Company’s total consolidated borrowings on a net basis. As a result of reinsurance transactions executed with Somerset Re and Wilton Re, we have eliminated Credit-Linked Note Structures supporting Guideline AXXX for our remaining business. In November 2024, we restructured a series of internal captive reinsurance arrangements resulting in the consolidation of Credit-Linked Note Structures supporting Regulation XXX.

As of December 31, 2025, the affiliated captive reinsurance companies have entered into agreements with external counterparties providing for the issuance of up to an aggregate of $8,000 million of surplus notes by our affiliated captive reinsurers in return for the receipt of credit-linked notes (“Credit-Linked Note Structures”), of which $7,660 million of surplus notes was outstanding, as compared to an aggregate issuance capacity of $8,000 million, of which $7,560 million was outstanding as of December 31, 2024. These amounts exclude credit-linked note structures used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024.

As of December 31, 2025, the affiliated captive reinsurance companies had outstanding an aggregate of $100 million of debt issued for the purpose of financing Regulation XXX non-economic reserves. In addition, as of December 31, 2025, for purposes of financing Guideline AXXX reserves, one of the affiliated captives had approximately $3,982 million of surplus notes outstanding that were issued to affiliates.

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The Company has introduced updated versions of its individual life products in conjunction with the requirement to adopt principle-based reserving by January 1, 2020. These updated products are currently priced to support the principle-based statutory reserve level without the need for reserve financing.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

Market Risk

Market risk is defined as the risk of loss from changes in interest rates, equity prices and foreign currency exchange rates resulting from asset/liability mismatches where the change in the value of our liabilities is not offset by the change in value of our assets.

For additional information regarding the potential impacts of interest rate and other market fluctuations, as well as general economic and market conditions on our businesses and profitability, see “Item 1A. Risk Factors” above. For additional information regarding our liquidity and capital resources, which may be impacted by changing market risks, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” above.

Market Risk Management

Management of market risk, which we consider to be a combination of both investment risk and market risk exposures, includes the identification and measurement of various forms of risk, the establishment of risk thresholds and the creation of processes intended to maintain risks within these thresholds while optimizing returns on the underlying assets or liabilities. As an indirect wholly-owned subsidiary of Prudential Financial, the Company benefits from the risk management strategies implemented by Prudential Financial.

Our risk management process utilizes a variety of tools and techniques, including:

•Measures of price sensitivity to market changes (e.g., interest rates, equity index prices, foreign exchange);

•Asset/liability management;

•Stress scenario testing;

•Hedging programs and affiliated reinsurance; and

•Risk management governance, including policies, limits, and a committee that oversees investment and market risk.

Market Risk Mitigation

Risk mitigation takes three primary forms:

•Asset/Liability Management: Managing assets to liability-based measures. For example, investment policies identify target durations for assets based on liability characteristics and asset portfolios are managed within ranges around them. This mitigates potential unanticipated economic losses from interest rate movements.

•Hedging: Using derivatives to offset risk exposures. For example, for our variable annuities business, potential living benefit claims resulting from more severe market conditions are hedged using derivative instruments.

•Management of portfolio concentration risk. For example, ongoing monitoring and management of key rate, currency and other concentration risks support diversification efforts to mitigate exposure to individual markets and sources of risk.

Market Risk Related to Interest Rates

We perform liability-driven investing and engage in careful asset/liability management. Asset/liability mismatches create the risk that changes in liability values will differ from the changes in the value of the related assets. Additionally, changes in interest rates may impact other items including, but not limited to, the following:

•Net investment spread between the amounts that we are required to pay and the rate of return we are able to earn on investments for certain products supported by general account investments;

•Asset-based fees earned on assets under management or contractholder account values;

•Net exposure to the guarantees provided under certain products; and

•Our capital levels.

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In order to mitigate the impact that an unfavorable interest rate environment has on our net interest margins, we employ a proactive asset/liability management program, which includes strategic asset allocation and derivative strategies within a disciplined risk management framework. These strategies seek to match the characteristics of our products, and to approximate the interest rate sensitivity of the assets with the estimated interest rate sensitivity of the product liabilities. Our asset/liability management program also helps manage duration gaps, currency and other risks between assets and liabilities through the use of derivatives. We adjust this dynamic process as products change, as customer behavior changes and as changes in the market environment occur. As a result, our asset/liability management process has permitted us to manage interest rate risk successfully through several market cycles.

We use duration and convexity analyses to measure price sensitivity to interest rate changes. Duration measures the relative sensitivity of the fair value of a financial instrument to changes in interest rates. Convexity measures the rate of change in duration with respect to changes in interest rates. We use asset/liability management and derivative strategies to manage our interest rate exposure by matching the relative sensitivity of asset and liability values to interest rate changes, or by controlling the “duration mismatch” of assets and liability duration targets. In certain markets, capital market limitations that hinder our ability to acquire assets that approximate the duration of some of our liabilities are considered in setting duration targets. We consider risk-based capital and tax implications as well as current market conditions in our asset/liability management strategies.

The Company also mitigates interest rate risk through a market value adjusted (“MVA”) provision on certain of the Company’s annuity products' fixed investment options. This MVA provision limits interest rate risk by subjecting the contractholder to an MVA when funds are withdrawn or transferred to variable investment options before the end of the guarantee period. In the event of rising interest rates, which generally make the fixed maturity securities underlying the guarantee less valuable, the MVA could be negative. In the event of declining interest rates, which generally make the fixed maturity securities underlying the guarantee more valuable, the MVA could be positive. The resulting increase or decrease in the value of the fixed option, from calculation of the MVA, is designed to offset the decrease or increase in the market value of the securities underlying the guarantee.

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We assess the impact of interest rate movements on the value of our financial assets, financial liabilities and derivatives using hypothetical test scenarios that assume either upward or downward 100 basis point parallel shifts in the yield curve from prevailing interest rates, reflecting changes in either credit spreads or the risk-free rate. The following table sets forth the net estimated potential loss in fair value on these financial instruments from a hypothetical 100 basis point upward shift as of December 31, 2025 and 2024. This table is presented on a gross basis and excludes offsetting impacts to certain insurance liabilities that are not considered financial liabilities under U.S. GAAP. This scenario results in the greatest net exposure to interest rate risk of the hypothetical scenarios tested at those dates. While the test scenario is for illustrative purposes only and does not reflect our expectations regarding future interest rates or the performance of fixed income markets, it is a near-term, reasonably possible hypothetical change that illustrates the potential impact of such events. These test scenarios do not measure the changes in value that could result from non-parallel shifts in the yield curve which we would expect to produce different changes in discount rates for different maturities. As a result, the actual loss in fair value from a 100 basis point change in interest rates could be different from that indicated by these calculations. The estimated changes in fair values do not include separate account assets.

						December 31, 2025																		December 31, 2024
						Notional						Fair Value						Hypothetical     Change in Fair Value						Notional						Fair Value						Hypothetical     Change in Fair Value
						(in millions)
Financial assets with interest rate risk:
Fixed maturities(1)												$	48,981					$	(2,402)											$	36,320					$	(1,848)
Policy loans												1,667						0												1,541						0
Commercial mortgage and other loans												10,114						(334)												7,535						(274)
Derivatives:
Futures						$	2,913					(2)						28						$	3,321					(6)						31
Swaps						231,245						(11,677)						(1,188)						203,928						(11,543)						(1,182)
Options						226,292						29						260						146,242						(391)						12
Forwards						2,388						(11)						0						1,147						30						0
Synthetic GICs						4,186						0						0						3,959						0						3
Indexed universal life contracts												(2,102)						363												(1,313)						179
Indexed annuity contracts												(16,504)						183												(11,312)						159
Total embedded derivatives(2)												(18,606)						546												(12,625)						338
Financial liabilities with interest rate risk(3):
Policyholders' account balances-investment contracts												15,630						6												10,811						6
Insurance liabilities with interest rate risk:
Benefit reserves (traditional and limited-payment contracts)(4)												8,227						655												7,514						570
Market risk benefits(5)												2,839						1,243												2,488						1,506
Net estimated potential loss																		$	(1,186)																	$	(838)

(1)Includes assets classified as “Fixed maturities, available-for-sale, at fair value” and “Fixed maturities, trading, at fair value”. Changes in fair value of fixed maturities classified as available-for-sale are included in AOCI. Excludes financial assets that are considered Funds Withheld, where the economic benefits and investment risk associated with the Funds Withheld assets ultimately inure to the reinsurer. Prior period amounts have been updated to conform to current period presentation.

(2)Excludes any offsetting impact of derivative instruments purchased to hedge changes in the embedded derivatives. Amounts reported gross of reinsurance.

(3)Excludes approximately $91 billion and $76 billion as of December 31, 2025 and 2024, respectively, of certain insurance reserve and deposit liabilities that are not considered financial liabilities. We believe that the interest rate sensitivities of these insurance liabilities would serve as an offset to the net interest rate risk of the financial assets and liabilities, including investment contracts.

(4)Changes in fair value of benefit reserves (traditional and limited-payment contracts) are included in AOCI.

(5)Amounts reported gross of reinsurance.

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Under U.S. GAAP, the fair value of the MRBs and embedded derivatives for certain features associated with indexed universal life, and indexed annuity contracts, reflected in the table above, includes the impact of the market’s perception of our NPR. For additional information regarding the key estimates and assumptions used in our determination of fair value, including NPR, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Accounting Policies & Pronouncements—Application of Critical Accounting Estimates—Market Risk Benefits” above.

Market Risk Related to Equity Prices

We have exposure to equity price risk through our investments in equity securities, equity-based derivatives, MRBs and embedded derivatives associated with index-linked crediting features of universal life and annuity contracts. Changes in equity prices may impact other items including, but not limited to, the following:

•Asset-based fees earned on assets under management or contractholder account value; and

•Net exposure to the guarantees provided under certain products.

We manage equity price risk against benchmarks in respective markets. We benchmark our return on equity holdings against a blend of market indices, mainly the S&P 500 and Russell 2000 for U.S. equities. We benchmark foreign equities against the Tokyo Price Index, and the MSCI EAFE, a market index which captures large and mid cap representation across developed markets around the world, excluding the U.S. and Canada. We target price sensitivities that approximate those of the benchmark indices. For equity investments within the separate accounts, the investment risk is borne by the separate account contractholder rather than by the Company.

We estimate our equity risk from a hypothetical 10% decline in equity benchmark market levels. The following table sets forth the net estimated potential loss in fair value from such a decline as of December 31, 2025 and 2024. While these scenarios are for illustrative purposes only and do not reflect our expectations regarding future performance of equity markets or of our equity portfolio, they represent near-term reasonably possible hypothetical changes that illustrate the potential impact of such events. These scenarios consider only the direct impact on fair value of declines in equity benchmark market levels and not changes in asset-based fees recognized as revenue, or changes in assumptions such as market volatility or mortality, utilization or persistency rates in our variable annuity contracts that could also impact the fair value of our living benefit features. In addition, these scenarios do not reflect the impact of basis risk, such as potential differences in the performance of the investment funds underlying the variable annuity products relative to the market indices we use as a basis for developing our hedging strategy. The impact of basis risk could result in larger differences between the change in fair value of the equity-based derivatives and the related living benefit features in comparison to these scenarios. In calculating these amounts, we exclude separate account equity securities.

						December 31, 2025																		December 31, 2024
						Notional						Fair Value						Hypothetical Change in Fair Value						Notional						Fair Value						Hypothetical Change in Fair Value
						(in millions)
Equity securities												$	2,870					$	(287)											$	2,624					$	(262)
Equity-based derivatives(1)						$	231,391					1,449						(2,698)						$	141,934					707						(1,582)
Indexed universal life contracts												(2,102)						55												(1,313)						23
Indexed annuity contracts												(16,504)						3,158												(11,312)						2,345
Total embedded derivatives(1)(2)												(18,606)						3,213												(12,625)						2,368
Market risk benefits(3)												2,839						(709)												2,488						(836)
Net estimated potential loss																		$	(481)																	$	(312)

(1)The notional and fair value of equity-based derivatives and the fair value of embedded derivatives are also reflected in amounts under “Market Risk Related to Interest Rates” above and are not cumulative.

(2)Excludes any offsetting impact of derivative instruments purchased to hedge changes in the embedded derivatives. Amounts reported gross of reinsurance.

(3)Amounts reported gross of reinsurance.

Market Risk Related to Foreign Currency Exchange Rates

The Company is exposed to foreign currency exchange rate risk in its domestic general account investment portfolios. This risk arises primarily from investments that are denominated in foreign currencies. We manage this risk by hedging substantially all domestic foreign currency-denominated fixed-income investments into U.S. dollars. We generally do not hedge all of the foreign currency risk of our investments in equity securities of unaffiliated foreign entities.

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Derivatives

We use derivative financial instruments primarily to reduce market risk from changes in interest rates, equity prices and foreign currency exchange rates, including their use to alter interest rate or foreign currency exposures arising from mismatches between assets and liabilities. Our derivatives primarily include swaps, futures, options and forward contracts that are exchange-traded or contracted in the OTC market.

Our derivatives also include interest rate guarantees we provide on our synthetic GIC products. Synthetic GICs simulate the performance of traditional insurance-related GICs but are accounted for as derivatives under U.S. GAAP due to the fact that the policyholders own the underlying assets, and we only provide a book value “wrap” on the customers’ funds, which are held in a client-owned trust. Additionally, our derivatives include embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding our derivative activities, see Note 5 to the Consolidated Financial Statements.

Market Risk Related to Variable Annuity Products

The primary risk exposures of our variable annuity contracts relate to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including capital markets assumptions such as equity market returns, interest rates, market volatility and actuarial assumptions. We manage our exposure to certain risks driven by fluctuations in capital markets primarily through a combination of product design features, such as an automatic rebalancing feature and/or inclusion in our ALM strategy. In addition, we may also utilize external reinsurance as a form of additional risk mitigation. Our guaranteed living and death benefit features on variable annuities are accounted for as MRBs and recorded at fair value. The market risk sensitivities associated with U.S. GAAP values of both the MRBs and the related derivatives used to hedge the changes in fair value of these MRBs are provided under “Market Risk Related to Interest Rates” and “Market Risk Related to Equity Prices” above.

For additional information regarding our risk management strategies, including our ALM strategy and product design features, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” above.

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ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

PRUCO LIFE INSURANCE COMPANY

CONSOLIDATED FINANCIAL STATEMENTS INDEX

			Page
Management’s Annual Report on Internal Control Over Financial Reporting			43
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			44
Consolidated Statements of Financial Position as of December 31, 2025 and 2024			46
Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2025, 2024, and 2023			47
Consolidated Statements of Equity for the years ended December 31, 2025, 2024, and 2023			48
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023			49
Notes to Consolidated Financial Statements:			52
1.      Business and Basis of Presentation			52
2.      Significant Accounting Policies and Pronouncements			53
3.      Investments			67
4.      Variable Interest Entities			81
5.      Derivatives and Hedging			82
6.      Fair Value of Assets and Liabilities			90
7.      Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements			106
8.      Separate Accounts			108
9.      Liability for Future Policy Benefits			110
10.    Policyholders' Account Balances			121
11.    Market Risk Benefits			126
12.    Reinsurance			131
13.    Income Taxes			140
14.    Equity			143
15.    Statutory Net Income and Surplus and Dividend Restrictions			146
16.    Related Party Transactions			146
17.    Commitments and Contingent Liabilities			153

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Management’s Annual Report on Internal Control Over Financial Reporting

Management of Pruco Life Insurance Company (together with its consolidated subsidiaries, the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting. Management conducted an assessment of the effectiveness, as of December 31, 2025, of the Company’s internal control over financial reporting, based on the framework established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on our assessment under that framework, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2025.

Our internal control over financial reporting is a process designed by or under the supervision of our principal executive and principal financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

This Annual Report does not include an attestation report of the Company’s registered public accounting firm, PricewaterhouseCoopers LLP, regarding the internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report.

March 6, 2026

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of Pruco Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Pruco Life Insurance Company and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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Valuation of Guaranteed Benefit Features Associated with Certain Annuity and Life Products Included in the Market Risk Benefits and the Liability for Future Policy Benefits

As described in Notes 2, 6, 9 and 11 to the consolidated financial statements, the Company issues certain annuity and life contracts which contain guaranteed benefit features. Certain of the guarantees associated with variable annuity contracts are accounted for as market risk benefits. The market risk benefits represent contracts or contract features that expose the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits. The benefits are accounted for using a fair value measurement methodology. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future fees attributable to the market risk benefits, based on assumptions a market participant would use in valuing the market risk benefits. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, except for the portion of the change attributable to changes in the Company’s non-performance risk which is recorded in other comprehensive income. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. As of December 31, 2025, the fair value of the obligations associated with these guarantees accounted for as market risk benefit assets was $2.65 billion and for market risk benefit liabilities was $4.30 billion. As there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived non-performance risk under the contract, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates and mortality rates (collectively, the significant market risk benefit assumptions). For certain life insurance products that include certain other contract features, including no-lapse guarantees, additional insurance reserves are established when associated assessments are recognized. The liability for no-lapse guarantee features is included within the additional insurance reserves balance in Note 9. As of December 31, 2025, the additional insurance reserve was $18.52 billion, recorded within the liability for future policy benefits. As disclosed by management, this liability is established using current best estimate assumptions, including mortality rates, lapse rates, and premium pattern rates, as well as interest rate and equity market return assumptions (collectively, the significant additional insurance reserve assumptions), and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date.

The principal considerations for our determination that performing procedures relating to the valuation of guaranteed benefit features associated with certain annuity and life products that are accounted for as market risk benefits and those that are included in the liability for future policy benefits is a critical audit matter are (i) the significant judgment by management when determining the valuation model for the benefit features accounted for as market risk benefits due to the lack of an observable market for these guarantees and when developing the aforementioned significant assumptions for the guaranteed benefit features accounted for as market risk benefits and additional insurance reserves, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to management's model for market risk benefits recorded at fair value and the aforementioned assumptions used by management in the valuation of the liabilities for the guaranteed benefit features accounted for as market risk benefits and additional insurance reserves, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of guaranteed benefit features associated with certain annuity and life products included in market risk benefits and the liability for future policy benefits, including controls over the model for the benefit features accounted for as market risk benefits and development of the assumptions used in the valuation of the liabilities for the guaranteed benefit features accounted for as market risk benefits and additional insurance reserves. These procedures also included, among others, (i) testing management’s process for determining the valuation of guaranteed benefit features associated with certain annuity and life products included in market risk benefits and the liability for future policy benefits, (ii) the use of professionals with specialized skill and knowledge to assist in evaluating (a) the appropriateness of management’s model for market risk benefits recorded at fair value and (b) the reasonableness of the aforementioned assumptions used in the valuation based on industry knowledge and data as well as historical Company data and experience. The procedures also included testing the completeness and accuracy of data used to develop the aforementioned assumptions and testing that the aforementioned assumptions are accurately reflected in the models.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 6, 2026

We have served as the Company's auditor since 1996.

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PRUCO LIFE INSURANCE COMPANY

Consolidated Statements of Financial Position

December 31, 2025 and 2024 (in thousands, except share amounts)

			December 31, 2025						December 31, 2024
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $14,282; 2024 – $40,414) (amortized cost: 2025 – $48,230,218; 2024 – $36,980,933)(1)			$	47,624,171					$	34,986,160
Fixed maturities, trading, at fair value (amortized cost: 2025 – $5,241,598; 2024 – $4,415,277)			4,892,507						3,845,045
Equity securities, at fair value (cost: 2025 – $2,826,642; 2024 – $2,650,542)			2,869,631						2,623,820
Policy loans			1,666,965						1,541,480
Short-term investments (net of allowance for credit losses: 2025 – $0; 2024 – $49)			320,794						517,386
Commercial mortgage and other loans (net of $51,190 and $37,715 allowance for credit losses at December 31, 2025 and 2024, respectively)			10,082,667						7,759,323
Other invested assets (includes $133,830 and $68,623 of assets measured at fair value at December 31, 2025 and 2024, respectively)(1)			2,297,535						1,582,094
Total investments			69,754,270						52,855,308
Cash and cash equivalents(1)			2,876,388						3,325,698
Deferred policy acquisition costs			8,655,183						7,807,060
Accrued investment income(1)			618,033						466,394
Reinsurance recoverables and deposit receivables (net of $145 and $10 allowance for credit losses; includes $804,855 and $645,193 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)			54,370,370						48,247,817
Receivables from parent and affiliates			963,452						678,028
Deferred sales inducements			297,413						322,351
Income tax assets(1)			1,741,122						2,120,654
Market risk benefit assets			2,655,866						2,637,363
Other assets(1)			1,852,055						1,850,800
Separate account assets			118,609,218						118,143,256
TOTAL ASSETS			$	262,393,370					$	238,454,729
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances			$	86,592,965					$	69,628,318
Future policy benefits			28,230,098						25,113,767
Market risk benefit liabilities			4,482,417						4,281,244
Cash collateral for loaned securities			22,622						121,372
Reinsurance and funds withheld payables (includes $265 and $0 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)			11,377,505						8,611,141
Payables to parent and affiliates(1)			2,497,217						3,653,848
Other liabilities(1)			2,537,050						4,199,803
Separate account liabilities			118,609,218						118,143,256
Total liabilities			254,349,092						233,752,749
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 17)
EQUITY
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding)			2,500						2,500
Additional paid-in capital			5,806,878						4,923,299
Retained earnings / (accumulated deficit)			2,104,835						272,519
Accumulated other comprehensive income (loss)			8,855						(601,877)
Total Pruco Life Insurance Company equity			7,923,068						4,596,441
Noncontrolling interests			121,210						105,539
Total equity			8,044,278						4,701,980
TOTAL LIABILITIES AND EQUITY			$	262,393,370					$	238,454,729

(1) See Note 4 for details of balances associated with variable interest entities.

See Notes to Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

Consolidated Statements of Operations and Comprehensive Income (Loss)

Years Ended December 31, 2025, 2024, and 2023 (in thousands)

						2025						2024						2023
REVENUES
Premiums (includes $2,301, $(2,690) and $6,978 of gains (losses) from changes in estimates on deferred profit liability amortization for the years ended December 31, 2025, 2024, and 2023, respectively)						$	547,201					$	393,127					$	328,897
Policy charges and fee income						1,707,338						7,382,797						1,536,606
Net investment income						3,210,522						2,422,017						1,675,522
Asset administration fees						205,332						223,563						232,950
Other income (loss)						2,261,776						759,756						751,363
Realized investment gains (losses), net						(1,430,425)						451,417						(1,147,099)
Change in value of market risk benefits, net of related hedging gains (losses)						(506,994)						(433,955)						(106,773)
TOTAL REVENUES						5,994,750						11,198,722						3,271,466
BENEFITS AND EXPENSES
Policyholders’ benefits						779,722						8,352,333						503,789
Change in estimates of liability for future policy benefits						(79,505)						(20,643)						3,952
Interest credited to policyholders’ account balances						1,177,660						1,037,731						621,645
Amortization of deferred policy acquisition costs						663,527						(372,201)						539,510
General, administrative and other expenses						1,186,839						1,228,443						1,124,923
TOTAL BENEFITS AND EXPENSES						3,728,243						10,225,663						2,793,819
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE						2,266,507						973,059						477,647
Income tax expense (benefit)						420,583						135,149						26,468
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE						1,845,924						837,910						451,179
Equity in earnings of operating joint venture, net of taxes						(335)						(425)						(433)
NET INCOME (LOSS)						$	1,845,589					$	837,485					$	450,746
Less: Income (loss) attributable to noncontrolling interests						13,273						13,495						488
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY						$	1,832,316					$	823,990					$	450,258
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments						3,326						(4,595)						2,419
Net unrealized investment gains (losses)						995,445						(335,093)						691,952
Interest rate remeasurement of future policy benefits						(40,022)						58,676						(60,978)
Gain (loss) from changes in non-performance risk on market risk benefits						(185,092)						(441,138)						(659,927)
Total						773,657						(722,150)						(26,534)
Less: Income tax expense (benefit) related to other comprehensive income (loss)						162,925						(151,234)						(5,638)
Other comprehensive income (loss), net of taxes						610,732						(570,916)						(20,896)
Comprehensive income (loss)						2,456,321						266,569						429,850
Less: Comprehensive income (loss) attributable to noncontrolling interests						13,273						13,495						488
Comprehensive income (loss) attributable to Pruco Life Insurance Company						$	2,443,048					$	253,074					$	429,362

See Notes to Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

Consolidated Statements of Equity

Years Ended December 31, 2025, 2024, and 2023 (in thousands)

						Common  Stock						Additional  Paid-in Capital						Retained Earnings / (Accumulated Deficit)						Accumulated Other   Comprehensive  Income (Loss)						Total Pruco Life Insurance Company Equity						Noncontrolling Interests						Total  Equity
Balance, December 31, 2022						$	2,500					$	6,037,914					$	(1,001,729)					$	(10,065)					$	5,028,620					$	0					$	5,028,620
Return of capital												(1,400,000)																		(1,400,000)												(1,400,000)
Contributed capital												412,382																		412,382												412,382
Contributions from noncontrolling interests																																				29,706						29,706
Contributed (distributed) capital-parent/child asset transfers												2,306																		2,306												2,306
Comprehensive income (loss):
Net income (loss)																		450,258												450,258						488						450,746
Other comprehensive income (loss), net of tax																								(20,896)						(20,896)						0						(20,896)
Total comprehensive income (loss)																		450,258						(20,896)						429,362						488						429,850
Balance, December 31, 2023						2,500						5,052,602						(551,471)						(30,961)						4,472,670						30,194						4,502,864
Return of capital												(550,000)																		(550,000)												(550,000)
Contributed capital												415,696																		415,696												415,696
Contributions from noncontrolling interests																																				250,422						250,422
Distributions to noncontrolling interests																																				(188,572)						(188,572)
Contributed (distributed) capital-parent/child asset transfers												5,001																		5,001												5,001
Comprehensive income (loss):
Net income (loss)																		823,990												823,990						13,495						837,485
Other comprehensive income (loss), net of tax																								(570,916)						(570,916)						0						(570,916)
Total comprehensive income (loss)																		823,990						(570,916)						253,074						13,495						266,569
Balance, December 31, 2024						2,500						4,923,299						272,519						(601,877)						4,596,441						105,539						4,701,980
Contributed capital												852,924																		852,924												852,924
Contributions from noncontrolling interests																																				185,851						185,851
Distributions to noncontrolling interests																																				(183,453)						(183,453)
Contributed (distributed) capital-parent/child asset transfers												30,655																		30,655												30,655
Comprehensive income (loss):
Net income (loss)																		1,832,316												1,832,316						13,273						1,845,589
Other comprehensive income (loss), net of tax																								610,732						610,732						0						610,732
Total comprehensive income (loss)																		1,832,316						610,732						2,443,048						13,273						2,456,321
Balance, December 31, 2025						$	2,500					$	5,806,878					$	2,104,835					$	8,855					$	7,923,068					$	121,210					$	8,044,278

See Notes to Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

Consolidated Statements of Cash Flows

Years Ended December 31, 2025, 2024, and 2023 (in thousands)

						2025						2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)						$	1,845,589					$	837,485					$	450,746
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income						(20,050)						53,496						69,986
Interest credited to policyholders’ account balances						1,177,660						1,037,731						621,645
Realized investment (gains) losses, net						1,430,425						(451,417)						1,147,099
Change in value of market risk benefits, net of related hedging (gains) losses						506,994						433,955						106,773
Change in:
Future policy benefits and other insurance liabilities						2,242,861						2,689,669						2,241,530
Reinsurance related-balances						(2,205,000)						(1,124,001)						(678,725)
Accrued investment income						(135,863)						(116,571)						(110,760)
Net payables to (receivables from) parent and affiliates						(175,547)						(36,204)						(120,565)
Deferred policy acquisition costs						(848,123)						(950,022)						(581,925)
Income taxes						207,081						(228,166)						(40,796)
Derivatives, net						441,940						1,461,192						(282,729)
Other, net						(306,688)						(126,696)						(362,384)
Cash flows from (used in) operating activities						4,161,279						3,480,451						2,459,895
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale						6,359,317						4,240,000						1,736,809
Fixed maturities, trading						1,570,879						802,378						97,693
Equity securities						2,558,597						961,421						189,237
Policy loans						214,557						188,153						182,973
Ceded policy loans						(112,060)						(113,148)						(119,787)
Short-term investments						887,118						1,303,977						456,983
Commercial mortgage and other loans						490,870						731,440						167,888
Other invested assets						280,923						99,852						19,693
Notes receivable from parent and affiliates						245,595						722						4,500
Payments for the purchase/origination of:
Fixed maturities, available-for-sale						(17,330,688)						(13,766,055)						(7,544,596)
Fixed maturities, trading						(2,560,208)						(1,819,224)						(857,717)
Equity securities						(2,925,243)						(2,373,486)						(678,847)
Policy loans						(307,747)						(255,811)						(1,162,959)
Ceded policy loans						99,749						125,795						151,019
Short-term investments						(795,865)						(1,441,031)						(690,173)
Commercial mortgage and other loans						(2,725,871)						(2,392,198)						(1,341,450)
Other invested assets						(939,389)						(460,721)						(190,826)
Notes receivable from parent and affiliates						(378,745)						(367,700)						(44)
Derivatives, net						(108,334)						171,230						(55,091)
Other, net						(22,519)						(3,264)						(4,808)
Cash flows from (used in) investing activities						(15,499,064)						(14,367,670)						(9,639,503)

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						2025						2024						2023
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits						16,982,148						17,265,165						12,101,043
Affiliated ceded policyholders’ account deposits						(2,093,412)						(1,169,002)						(1,189,331)
Policyholders’ account withdrawals						(4,832,965)						(3,980,496)						(3,695,248)
Affiliated ceded policyholders’ account withdrawals						685,223						764,421						625,238
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities						(98,745)						(96,928)						131,577
Contributed capital						620,000						0						405,000
Return of capital						0						(550,000)						(1,400,000)
Contributed (distributed) capital - parent/child asset transfers						0						6,332						2,919
Net change in all other financing arrangements (maturities 90 days or less)						0						0						(584)
Repayments of debt (maturities longer than 90 days)						0						(180,411)						(121,772)
Drafts outstanding						(24,063)						(84,531)						(885)
Contributions from noncontrolling interests						185,851						250,422						29,706
Distributions to noncontrolling interests						(183,453)						(188,572)						0
Other, net						(352,109)						36,725						34,110
Cash flows from (used in) financing activities						10,888,475						12,073,125						6,921,773
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS						(449,310)						1,185,906						(257,835)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR						3,325,698						2,139,792						2,397,627
CASH AND CASH EQUIVALENTS, END OF YEAR						$	2,876,388					$	3,325,698					$	2,139,792
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refunded), net(1)						$	198,691					$	363,208					$	67,203
Interest paid						$	852					$	2,644					$	4,533

(1) See Note 13 for additional information regarding the income taxes paid (refunded), net amount by jurisdiction for the year ended December 31, 2025.

Significant Non-Cash Transactions During The Year

2025

"Cash flows from (used in) operating activities" for the year ended December 31, 2025 excludes certain non-cash activities in the amount of $(1,397) million related to the affiliated reinsurance transaction with The Prudential Insurance Company of America ("Prudential Insurance") effective October 1, 2025. See Note 12 for additional information.

2024

"Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024, excludes certain non-cash activities in the amount of $(7,469) million primarily related to reinsurance recoverables and $6,722 million related to invested asset transfers, respectively. These transactions are associated with the unaffiliated reinsurance agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re"), effective October 1, 2024. Associated with the transaction with Wilton Re, "Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024, exclude largely offsetting affiliated non-cash activities in the amount of $7,218 million, primarily related to reinsurance recoverables and payables, and $(6,722) million related to invested asset transfers, respectively. These are related to the recapture of the risks associated with the business that had previously been reinsured with Prudential Arizona Reinsurance Universal Company ("PAR U"). See Note 12 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $(102) million related to the affiliated reinsurance transaction with Prudential Arizona Reinsurance Captive Company ("PARCC"), effective October 1, 2024. See Note 12 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $1,129 million related to the affiliated reinsurance transaction with Prudential Universal Reinsurance Entity Company ("PURE") and Prudential Insurance, effective January 1, 2024. See Note 12 for additional information.

"Cash flows from (used in) investing activities" and "Cash flows from (used in) financing activities" for the year ended December 31, 2024 excludes non-cash activities related to invested asset transfers in the amount of $416 million, related to capital contributions the Company received from Prudential Insurance. See Note 16 for additional information.

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2023

"Cash flows from (used in) operating activities" for the year ended December 31, 2023 excludes certain non-cash activities in the amount of $475 million related to the novated indexed variable annuities under the reinsurance agreement with Fortitude Life Insurance & Annuity Company (“FLIAC”). See Note 12 for more details regarding this transaction.

See Notes to Consolidated Financial Statements

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements

1. BUSINESS AND BASIS OF PRESENTATION

Pruco Life Insurance Company, (“Pruco Life”) is a wholly-owned subsidiary of Prudential Insurance, which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey, (“PLNJ”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only. Pruco Life and its subsidiaries are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements include the accounts of Pruco Life and entities over which the Company exercises control, including majority-owned subsidiaries, and variable interest entities ("VIEs") in which the Company is considered the primary beneficiary. Intercompany balances and transactions have been eliminated.

Segment Information

Although there are separate products within Pruco Life, the Company is organized as a single reportable segment and manages the business activities on a consolidated basis. The accounting policies are the same as those described in Note 2.

The Company analyzes operating performance using “Income (loss) from operations before income taxes and equity in earnings of operating joint venture”, as determined in accordance with U.S. GAAP. This is the measure of profit or loss used by the Company’s chief operating decision maker to evaluate performance and allocate resources. The measure of segment assets is reported as “Total Assets” on the Consolidated Statements of Financial Position. Segment revenue is reported as “Total Revenues” on the Consolidated Statements of Operations and Comprehensive Income (Loss). As the Company has one reportable segment, there are no intersegment revenues. The Company discloses all significant expense categories separately on the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company’s chief operating decision maker is a group of Prudential Financial executives that include the chief financial officer, controller, treasurer, and business leaders, which include the Company’s chief executive officer and chief financial officer. Overall business decisions for the Company are made by this group of executives. Such business decisions include the allocation of capital, distribution/sale of products, and allocation/deployment of overall Prudential Financial resources.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

ASSETS

Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 6 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. A credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net".

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income”.

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired), the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 6 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government-sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consist of commercial mortgage loans, agricultural property loans, residential mortgage loans, as well as certain other collateralized loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 17 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income”.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts. The allowance is calculated separately for commercial mortgage loans, agricultural property loans, residential mortgage loans, and other collateralized loans.

For commercial mortgage and agricultural property loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural property loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural property loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial mortgage or agricultural property loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

For residential mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. The estimated lifetime loss of the pool is calculated from the risk profiles of the loans, including borrower credit score, loan-to-value ratio, property type, and several key attributes of the loan and property including: loan type, loan age, loan performance history, and current performing or nonperforming status. Estimated lifetime loss rates are calculated by weighting projected losses in multiple economic scenarios based on the Company’s view of the current stage of the economic cycle and future economic conditions. The scenario losses are calibrated to industry historical experience of defaults, loss severities, and prepayment rates in multiple economic cycles, reflective of similar loan characteristics.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net”. As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities”, and the change in the allowance is reported in “Realized investment gains (losses), net”.

The CECL allowance for other collateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net”.

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt.

All restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”. The Company consolidates LPs in certain other instances where it is deemed to exercise control, or is considered the primary beneficiary of a variable interest entity. See Note 4 for additional information about VIEs.

Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to repurchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.

Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”.

DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds.

The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 7 for additional information regarding DAC.

Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.

Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).

Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 12 for additional information regarding the reinsurance of PDI.

Deferred Sales Inducements ("DSI") are amounts that are credited to a policyholders’ account balance primarily as an inducement to purchase fixed and/or variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology, factors and assumptions used to amortize DAC. The Company records amortization of DSI in “Interest credited to policyholders’ account balances”. Unlike DAC, DSI are considered contractual cash flows and, as a result, are subject to periodic recoverability testing. See Note 7 for additional information regarding DSI.

Income tax assets primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 13 for a discussion of factors considered when evaluating the need for a valuation allowance.

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 13 for additional information regarding income taxes.

Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis, receivables resulting from sales of securities that had not yet settled at the balance sheet date, premiums due, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary.

Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 8 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 9 for additional information regarding future policy benefits.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. The result of the net premium valuation methodology is that the liability at any point in time represents an accumulation of the portion of premiums received to date expected to fund future benefits (i.e., net premiums received to date), less any benefits and expenses already paid. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that obligation would be funded by net premiums received in the future and would be recognized in the liability at that time. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend, with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s Investor Service, Inc. ("Moody's") definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. Annually, the Company performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions, generally utilizing relevant economic outlook information and industry surveys as the primary basis.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. The liability does not necessarily reflect the full policyholder obligation the Company expects to pay at the conclusion of the contract since a portion of that excess payment would be funded by assessments received in the future and would be recognized in the liability at that time. The reserves are subject to adjustments based on annual reviews of assumptions and quarterly adjustments for experience as described below, including market performance. These adjustments reflect the impact on the benefit ratio of using actual historical experience from the issuance date to the balance sheet date plus updated estimates of future experience. The updated benefit ratio is then applied to all prior periods’ assessments to derive an adjustment to the reserve recognized through a benefit or charge to current period earnings. Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date, at a minimum, on an annual basis, and on a quarterly basis for business whose profitability is closely tied to equity market performance. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including unearned revenue reserves ("URR"), net of reinsurance and any DSI asset), the existing net reserves are adjusted by first reducing assets, such as DSI or deferred reinsurance loss, by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "Policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Expense assumptions included in the liability only include claim related expenses and exclude acquisition costs and non-claim related costs such as costs relating to investments, general administration, policy maintenance, product development, market research, and general overhead.

Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 10 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. The changes in the fair value of the embedded derivatives are recorded in net income. For additional information regarding the valuation of these embedded derivatives, see Note 6.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 6. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 11 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.

Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as "Net investment income".

Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income”.

Reinsurance and funds withheld payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance and funds withheld payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments".

Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), accrued expenses, technical overdrafts, payables resulting from purchases of securities that had not yet settled at the balance sheet date. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.

Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Short-term and long-term debt liabilities are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issuance costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within “General, administrative and other expenses” in the Company’s Consolidated Statements of Operations. Short-term debt is debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. The short-term debt caption may exclude short-term debt items for which the Company has the intent and ability to refinance on a long-term basis in the near term. See Note 16 for additional information regarding short-term and long-term debt.

Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.

REVENUES, BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received from policyholders as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities”. Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC and DSI.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 6.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 16). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.

Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value”, and “Other invested assets” that are measured at fair value as well as interest income related to affiliated cash collateral. See Note 16 for more information related to affiliated cash collateral. Other income (loss) in 2025 also includes the recognition of previously deferred reinsurance gains.

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.

OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and NPR used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to risks such as interest rate, credit, foreign currency and equity associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 5, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within “Other invested assets”, or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Consolidated Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Consolidated Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.

If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net”. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within "Other invested assets" and "Reinsurance recoverable and deposit receivables", or as liabilities, within “Payables to parent and affiliates” or "Reinsurance and funds withheld payables".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits" and “Reinsurance recoverables and deposit receivables”. Additionally, changes in the fair value are determined using valuation models as described in Note 6 and are recorded in “Realized investment gains (losses), net".

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 12 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance and funds withheld payables”. “Reinsurance recoverables and deposit receivables” also includes deposit receivables where the Company has ceded fixed indexed annuities, including from coinsurance with funds withheld arrangements and receivables from modified coinsurance arrangements where the Company is the cedant, and in certain instances are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. “Reinsurance and funds withheld payables” also includes amounts payable to the reinsurer under coinsurance with funds withheld arrangements where the Company is the cedant, and generally reflect the fair value of the invested assets retained by the Company. The receivables and payables associated with each of these coinsurance with funds withheld and modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. Reinsurance recoverables are reported on the Consolidated Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.

For reinsurance of existing in force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance and funds withheld payables” and deposits made are included in “Reinsurance recoverables and deposit receivables”. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses”, as appropriate.

RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, 2025, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs adopted during the year ended December 31, 2025

Standard

Description

Effective date and method of adoption

Effect on the financial statements or other significant matters

ASU 2023-09—Income Taxes (Topic 740) Improvements to Income Tax Disclosures

This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.

January 1, 2025 using the prospective method.

Adoption of the ASU did not have an impact on the Company's Consolidated Financial Statements but resulted in expanded disclosures in the Notes to the Consolidated Financial Statements.

ASUs issued but not yet adopted as of December 31, 2025

Standard

Description

Effective date and method of adoption

Effect on the financial statements or other significant matters

ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.

Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and applied either prospectively or retrospectively.

The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

3. INVESTMENTS

Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:

			December 31, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	1,196,805					$	24,151					$	103,636					$	0					$	1,117,320
Obligations of U.S. states and their political subdivisions			460,634						1,245						27,351						0						434,528
Foreign government securities			456,138						7,187						38,590						0						424,735
U.S. public corporate securities			19,566,876						302,845						801,659						75						19,067,987
U.S. private corporate securities			6,790,444						99,408						175,094						12,146						6,702,612
Foreign public corporate securities			5,306,445						100,625						85,439						415						5,321,216
Foreign private corporate securities			7,093,850						331,109						241,209						300						7,183,450
Asset-backed securities(1)			5,051,514						31,060						5,180						1,346						5,076,048
Commercial mortgage-backed securities			1,370,898						17,493						34,081						0						1,354,310
Residential mortgage-backed securities(2)			936,614						9,989						4,638						0						941,965
Total fixed maturities, available-for-sale			$	48,230,218					$	925,112					$	1,516,877					$	14,282					$	47,624,171

(1)    Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.

(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

			December 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
			(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	1,199,628					$	8,357					$	108,744					$	0					$	1,099,241
Obligations of U.S. states and their political subdivisions			570,253						1,156						30,343						0						541,066
Foreign government securities			362,154						646						52,466						0						310,334
U.S. public corporate securities			14,134,828						60,917						957,316						1						13,238,428
U.S. private corporate securities			6,030,898						35,828						301,451						11,178						5,754,097
Foreign public corporate securities			3,804,503						21,136						126,767						21						3,698,851
Foreign private corporate securities			5,838,939						43,334						511,426						29,214						5,341,633
Asset-backed securities(1)			3,728,073						31,431						8,841						0						3,750,663
Commercial mortgage-backed securities			944,652						4,567						53,444						0						895,775
Residential mortgage-backed securities(2)			367,005						861						11,794						0						356,072
Total fixed maturities, available-for-sale			$	36,980,933					$	208,233					$	2,162,592					$	40,414					$	34,986,160

(1)    Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.

(2)    Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:

			December 31, 2025
			Less Than Twelve Months												Twelve Months or More												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
			(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	187,705					$	7,191					$	386,544					$	96,445					$	574,249					$	103,636
Obligations of U.S. states and their political subdivisions			34,212						853						259,746						26,498						293,958						27,351
Foreign government securities			54,155						214						159,018						38,376						213,173						38,590
U.S. public corporate securities			1,659,501						31,308						4,933,894						770,153						6,593,395						801,461
U.S. private corporate securities			673,009						7,201						2,616,271						167,702						3,289,280						174,903
Foreign public corporate securities			391,306						3,528						759,461						81,911						1,150,767						85,439
Foreign private corporate securities			183,588						2,294						2,000,967						238,882						2,184,555						241,176
Asset-backed securities			158,585						349						40,059						3,301						198,644						3,650
Commercial mortgage-backed securities			54,331						212						400,953						33,869						455,284						34,081
Residential mortgage-backed securities			9,148						8						109,013						4,630						118,161						4,638
Total fixed maturities, available-for-sale			$	3,405,540					$	53,158					$	11,665,926					$	1,461,767					$	15,071,466					$	1,514,925

			December 31, 2024
			Less Than Twelve Months												Twelve Months or More												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
			(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	377,531					$	13,829					$	238,723					$	94,915					$	616,254					$	108,744
Obligations of U.S. states and their political subdivisions			226,731						5,019						212,060						25,324						438,791						30,343
Foreign government securities			118,168						2,615						171,166						49,851						289,334						52,466
U.S. public corporate securities			4,320,552						105,145						4,677,336						852,171						8,997,888						957,316
U.S. private corporate securities			1,999,008						41,931						2,379,755						259,489						4,378,763						301,420
Foreign public corporate securities			1,088,644						20,465						716,172						106,294						1,804,816						126,759
Foreign private corporate securities			1,977,169						69,399						2,107,705						440,330						4,084,874						509,729
Asset-backed securities			363,744						5,510						140,090						3,331						503,834						8,841
Commercial mortgage-backed securities			101,821						1,356						489,490						52,088						591,311						53,444
Residential mortgage-backed securities			142,961						1,946						123,853						9,848						266,814						11,794
Total fixed maturities, available-for-sale			$	10,716,329					$	267,215					$	11,256,350					$	1,893,641					$	21,972,679					$	2,160,856

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

As of December 31, 2025 and 2024, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $1,469 million and $2,059 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $46 million and $102 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2025, the $1,462 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and utility sectors. As of December 31, 2024, the $1,894 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, consumer non-cyclical and utility sectors.

In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 2025. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of December 31, 2025, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:

						December 31, 2025
						Amortized Cost						Fair Value
						(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less						$	1,745,409					$	1,738,607
Due after one year through five years						15,738,281						15,930,893
Due after five years through ten years						12,444,358						12,660,246
Due after ten years						10,943,144						9,922,102
Asset-backed securities						5,051,514						5,076,048
Commercial mortgage-backed securities						1,370,898						1,354,310
Residential mortgage-backed securities						936,614						941,965
Total fixed maturities, available-for-sale						$	48,230,218					$	47,624,171

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:

						Years Ended December 31
						2025						2024						2023
												(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)						$	2,589,307					$	2,097,519					$	460,596
Proceeds from maturities/prepayments						3,663,766						2,300,919						1,218,844
Gross investment gains from sales and maturities						27,112						23,978						11,482
Gross investment losses from sales and maturities						(58,814)						(143,432)						(43,078)
Write-downs recognized in earnings(2)						(76,892)						(9,534)						(2,358)
(Addition to) release of allowance for credit losses						26,180						(38,406)						2,761

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $106.2 million, $(158.4) million and $57.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:

			Year Ended December 31, 2025
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Securities						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period			$	0					$	0					$	40,414					$	0					$	0					$	0					$	40,414
Additions to allowance for credit losses not previously recorded			0						0						26,779						3,500						0						0						30,279
Reductions for securities sold during the period			0						0						(2,127)						(925)						0						0						(3,052)
Additions (reductions) on securities with previous allowance			0						0						4,072						(1,229)						0						0						2,843
Write-downs charged against the allowance			0						0						(56,202)						0						0						0						(56,202)
Balance, end of period			$	0					$	0					$	12,936					$	1,346					$	0					$	0					$	14,282

			Year Ended December 31, 2024
			U.S. Treasury Securities and Obligations of U.S. States						Foreign Government Securities						U.S. and Foreign Corporate Securities						Asset-Backed Securities						Commercial Mortgage-Backed Securities						Residential Mortgage-Backed Securities						Total
			(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period			$	0					$	0					$	2,000					$	1					$	0					$	7					$	2,008
Additions to allowance for credit losses not previously recorded			0						0						39,600						0						0						5						39,605
Reductions for securities sold during the period			0						0						(2,002)						0						0						0						(2,002)
Additions (reductions) on securities with previous allowance			0						0						337						(1)						0						(12)						324
Assets transferred (to) from parent and affiliates			0						0						479						0						0						0						479
Balance, end of period			$	0					$	0					$	40,414					$	0					$	0					$	0					$	40,414

See Note 2 for additional information about the Company's methodology for developing its allowance and expected losses.

For the year ended December 31, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs of distressed securities, partially offset by net additions in the communications and transportation sectors within corporate securities due to adverse projected cash flows.

For the year ended December 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical, consumer non-cyclical and energy sectors within corporate securities due to adverse projected cash flows.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both December 31, 2025 and 2024.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Fixed Maturities, Trading

The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $231.7 million, $(182.9) million and $65.6 million during the years ended December 31, 2025, 2024 and 2023, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss)," was $(86.3) million, $(34.2) million and $25.8 million during the years ended December 31, 2025, 2024 and 2023, respectively.

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:

						December 31, 2025												December 31, 2024
						Amount						% of Total						Amount						% of Total
						($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family						$	2,612,457					27.4		%				$	1,949,926					25.0		%
Health Care Senior Living(1)						119,507						1.3						134,195						1.7
Hospitality						108,227						1.0						97,603						1.3
Industrial						3,448,599						36.2						2,906,413						37.3
Office						525,136						5.5						556,586						7.1
Retail						865,298						9.1						693,949						9.0
Self-Storage(1)						665,544						7.0						543,701						7.0
Other(1)						119,202						1.3						72,645						0.9
Total commercial mortgage loans						8,463,970						88.8						6,955,018						89.3
Agricultural property loans						1,068,014						11.2						830,041						10.7
Total commercial mortgage and agricultural property loans						9,531,984						100.0		%				7,785,059						100.0		%
Allowance for credit losses						(45,604)												(37,715)
Total net commercial mortgage and agricultural property loans						9,486,380												7,747,344
Other loans:
Residential mortgage loans						589,937												0
Other collateralized loans						11,936												11,979
Total other loans						601,873												11,979
Allowance for credit losses						(5,586)												0
Total net other loans						596,287												11,979
Total net commercial mortgage and other loans						$	10,082,667											$	7,759,323

(1) Prior period amounts have been updated to conform to current period presentation.

As of December 31, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (23%), Florida (8%) and Texas (8%) and included loans secured by properties in Europe (8%), Australia (1%) and Mexico (1%).

As of December 31, 2025, the residential mortgage loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (13%), California (10%) and New York (9%).

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:

			Commercial Mortgage Loans						Agricultural Property Loans						Residential Mortgage Loans						Total
			(in thousands)
Balance at December 31, 2022			$	19,665					$	598					$	0					$	20,263
Addition to (release of) allowance for expected losses			17,093						333						0						17,426
Balance at December 31, 2023			36,758						931						0						37,689
Addition to (release of) allowance for expected losses			5,613						3,780						0						9,393
Write-downs charged against allowance			(9,367)						0						0						(9,367)
Balance at December 31, 2024			33,004						4,711						0						37,715
Addition to (release of) allowance for expected losses			12,327						2,573						5,586						20,486
Write-downs charged against allowance			(1,915)						(5,096)						0						(7,011)
Balance at December 31, 2025			$	43,416					$	2,188					$	5,586					$	51,190

See Note 2 for additional information about the Company's methodology for developing the allowance and expected losses.

For the year ended December 31, 2025, the net increase to the allowance for credit losses on commercial mortgage and other loans was primarily related to increases in loan specific allowances in commercial mortgage loans within the retail sector and in agricultural property loans along with the establishment of general reserves for residential mortgage loans, partially offset by write-downs against loan-specific reserves within agricultural property loans and the retail sector of commercial mortgage loans.

For the year ended December 31, 2024, net additions to the allowance for credit losses on commercial mortgage and other loans were primarily related to increases in loan-specific allowances in commercial mortgage loans within the retail and office sectors and in agricultural property loans.

The following table sets forth the write-downs of commercial mortgage and other loans by origination year for the year ended December 31, 2025:

			December 31, 2025
			Amortized Cost by Origination Year
			2025						2024						2023						2022						2021						Prior						Total
			(in thousands)
Commercial mortgage loans			$	0					$	0					$	0					$	0					$	0					$	1,915					$	1,915
Agricultural property loans			0						0						3,461						1,635						0						0						5,096
Total			$	0					$	0					$	3,461					$	1,635					$	0					$	1,915					$	7,011

For the year ended December 31, 2024, there were $9.4 million of write-downs charged against the allowance related to a loan originated in 2016.

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			December 31, 2025
			Amortized Cost by Origination Year
			2025						2024						2023						2022						2021						Prior						Revolving Loans						Total
			(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%			$	583,935					$	386,956					$	339,226					$	432,721					$	516,692					$	1,248,164					$	12,429					$	3,520,123
60%-69.99%			1,119,839						1,128,626						453,007						144,375						318,216						192,472						0						3,356,535
70%-79.99%			112,150						223,390						344,004						68,791						266,035						118,452						0						1,132,822
80% or greater			0						1,196						0						76,282						160,304						216,708						0						454,490
Total			$	1,815,924					$	1,740,168					$	1,136,237					$	722,169					$	1,261,247					$	1,775,796					$	12,429					$	8,463,970
Debt Service Coverage Ratio:
Greater than 1.2x			$	1,709,249					$	1,718,881					$	944,699					$	704,034					$	1,261,247					$	1,656,396					$	10,839					$	8,005,345
1.0 - 1.2x			94,819						12,972						191,538						0						0						47,395						1,590						348,314
Less than 1.0x			11,856						8,315						0						18,135						0						72,005						0						110,311
Total			$	1,815,924					$	1,740,168					$	1,136,237					$	722,169					$	1,261,247					$	1,775,796					$	12,429					$	8,463,970
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%			$	226,434					$	242,422					$	74,777					$	198,123					$	126,275					$	61,392					$	35,759					$	965,182
60%-69.99%			13,068						29,560						19,282						0						4,950						0						17,083						83,943
70%-79.99%			0						0						0						0						0						0						0						0
80% or greater			0						0						0						6,061						0						0						12,828						18,889
Total			$	239,502					$	271,982					$	94,059					$	204,184					$	131,225					$	61,392					$	65,670					$	1,068,014
Debt Service Coverage Ratio:
Greater than 1.2x			$	239,502					$	260,566					$	85,966					$	158,503					$	124,612					$	47,718					$	52,842					$	969,709
1.0 - 1.2x			0						10,473						2,358						4,755						0						10,298						0						27,884
Less than 1.0x			0						943						5,735						40,926						6,613						3,376						12,828						70,421
Total			$	239,502					$	271,982					$	94,059					$	204,184					$	131,225					$	61,392					$	65,670					$	1,068,014

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			December 31, 2024
			Amortized Cost by Origination Year
			2024						2023						2022						2021						2020						Prior						Revolving Loans						Total
			(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%			$	452,940					$	232,276					$	306,684					$	482,596					$	134,403					$	1,138,394					$	6,479					$	2,753,772
60%-69.99%			972,161						541,849						273,258						360,457						110,515						303,107						0						2,561,347
70%-79.99%			362,701						365,111						134,208						330,355						6,774						77,399						0						1,276,548
80% or greater			1,196						0						56,204						84,761						3,870						217,320						0						363,351
Total			$	1,788,998					$	1,139,236					$	770,354					$	1,258,169					$	255,562					$	1,736,220					$	6,479					$	6,955,018
Debt Service Coverage Ratio:
Greater than 1.2x			$	1,728,895					$	962,290					$	755,350					$	1,256,699					$	255,562					$	1,616,904					$	0					$	6,575,700
1.0 - 1.2x			60,103						176,946						15,004						0						0						59,871						6,479						318,403
Less than 1.0x			0						0						0						1,470						0						59,445						0						60,915
Total			$	1,788,998					$	1,139,236					$	770,354					$	1,258,169					$	255,562					$	1,736,220					$	6,479					$	6,955,018
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%			$	241,715					$	89,569					$	163,820					$	126,368					$	23,488					$	38,478					$	18,834					$	702,272
60%-69.99%			29,560						19,396						49,210						0						0						0						0						98,166
70%-79.99%			0						0						0						5,213						0						0						0						5,213
80% or greater			0						0						7,295						0						1,657						0						15,438						24,390
Total			$	271,275					$	108,965					$	220,325					$	131,581					$	25,145					$	38,478					$	34,272					$	830,041
Debt Service Coverage Ratio:
Greater than 1.2x			$	259,647					$	95,087					$	211,030					$	129,865					$	23,488					$	38,478					$	18,834					$	776,429
1.0 - 1.2x			11,628						13,878						9,295						0						0						0						15,438						50,239
Less than 1.0x			0						0						0						1,716						1,657						0						0						3,373
Total			$	271,275					$	108,965					$	220,325					$	131,581					$	25,145					$	38,478					$	34,272					$	830,041

Residential mortgage loans primarily include fixed-rate, amortizing mortgage loans on rental properties owned by borrowers with Fair Isaac Corporation ("FICO") scores typically considered prime or above. The primary credit quality indicator is whether a loan is performing or nonperforming. The Company defines nonperforming residential mortgage loans as those that are 90 days or more past due and/or in nonaccrual status.

			December 31, 2025
			Amortized Cost by Origination Year
			2025						2024						2023						2022						2021						Prior						Total
			(in thousands)
Residential mortgage loans
Performance indicators:
Performing			$	571,247					$	18,549					$	141					$	0					$	0					$	0					$	589,937
Nonperforming			0						0						0						0						0						0						0
Total			$	571,247					$	18,549					$	141					$	0					$	0					$	0					$	589,937

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

See Note 2 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:

						Year Ended December 31, 2025
						Term Extension						Other Than Insignificant Delay in Payment						% of Amortized Cost
						($ in thousands)
Commercial mortgage loans						$	0					$	0					0.0		%

						Year Ended December 31, 2024
						Term Extension						Other Than Insignificant Delay in Payment						% of Amortized Cost
						($ in thousands)
Commercial mortgage loans						$	14,546					$	4,570					0.2		%

During the year ended December 31, 2024, the modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both December 31, 2025 and 2024.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:

			December 31, 2025
			Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due(1)						Total Loans						Non-Accrual Status(2)
			(in thousands)
Commercial mortgage loans			$	8,462,579					$	0					$	0					$	1,391					$	8,463,970					$	2,586
Agricultural property loans			1,033,714						0						0						34,300						1,068,014						38,649
Residential mortgage loans			588,368						1,569						0						0						589,937						0
Other collateralized loans			11,936						0						0						0						11,936						0
Total			$	10,096,597					$	1,569					$	0					$	35,691					$	10,133,857					$	41,235

(1)As of December 31, 2025, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			December 31, 2024
			Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due(1)						Total Loans						Non-Accrual Status(2)
			(in thousands)
Commercial mortgage loans			$	6,951,093					$	0					$	0					$	3,925					$	6,955,018					$	5,120
Agricultural property loans			804,804						0						2,505						22,732						830,041						24,765
Residential mortgage loans			0						0						0						0						0						0
Other collateralized loans			11,979						0						0						0						11,979						0
Total			$	7,767,876					$	0					$	2,505					$	26,657					$	7,797,038					$	29,885

(1)As of December 31, 2024, there were no loans in this category accruing interest.

(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.

Loans on non-accrual status recognized interest of $0.5 million and $0.7 million for the years ended December 31, 2025 and 2024, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $21.2 million and $2.0 million as of December 31, 2025 and 2024, respectively.

For the years ended December 31, 2025 and 2024, there were $589.9 million and $12.6 million, respectively, of commercial mortgage and other loans acquired, other than those through direct origination. For the year ended December 31, 2025, there were $100.0 million commercial mortgage and other loans sold. For the year ended December 31, 2024, there were no commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both December 31, 2025 and 2024.

Other Invested Assets

The following table sets forth the composition of “Other invested assets”, as of the dates indicated:

			December 31,
			2025						2024
			(in thousands)
LPs/LLCs:
Equity method:
Private equity			$	374,958					$	388,822
Hedge funds			1,671,779						1,024,534
Real estate-related			68,373						75,730
Subtotal equity method			2,115,110						1,489,086
Fair value:
Private equity			19,523						28,094
Hedge funds			52,591						14
Real estate-related			15,233						16,016
Subtotal fair value			87,347						44,124
Total LPs/LLCs			2,202,457						1,533,210
Derivative instruments			46,483						24,499
Other(1)			48,595						24,385
Total other invested assets			$	2,297,535					$	1,582,094

(1)Includes tax advantaged investments and investments in separate account funds.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Equity Method Investments

The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:

						December 31,
						2025						2024
						(in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)						$	64,973,949					$	66,477,439
Total liabilities(2)						$	10,051,385					$	1,894,242
Partners’ capital						54,922,564						64,583,197
Total liabilities and partners’ capital						$	64,973,949					$	66,477,439
Equity in LP/LLC interests included above						$	1,858,303					$	1,338,056
Equity in LP/LLC interests not included above						325,315						230,687
Carrying value						$	2,183,618					$	1,568,743

(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.

(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party borrowed funds and other miscellaneous liabilities.

						Years Ended December 31,
						2025						2024						2023
						(in thousands)
STATEMENTS OF OPERATIONS
Total revenues(1)						$	4,783,207					$	1,678,772					$	3,465,807
Total expenses(2)						(924,378)						(473,445)						(979,287)
Net earnings (losses)						$	3,858,829					$	1,205,327					$	2,486,520
Equity in net earnings (losses) of LP/LLC interests included above						$	137,546					$	57,119					$	17,795
Equity in net earnings (losses) of LP/LLC interests not included above						31,862						18,193						11,792
Total equity in net earnings (losses)						$	169,408					$	75,312					$	29,587

(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.

(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

			December 31,
			2025						2024
			(in thousands)
Fixed maturities			$	531,247					$	396,173
Equity securities			218						436
Commercial mortgage and other loans			46,092						29,437
Policy loans			31,288						30,820
Short-term investments and cash equivalents			9,188						9,528
Total accrued investment income			$	618,033					$	466,394

There were no write-downs on accrued investment income for the years ended December 31, 2025 and 2024.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated: 

			Years Ended December 31,
			2025						2024						2023
			(in thousands)
Fixed maturities, available-for-sale			$	2,182,678					$	1,622,898					$	1,139,581
Fixed maturities, trading			211,123						156,407						96,128
Equity securities			63,218						30,698						14,772
Commercial mortgage and other loans			444,449						328,853						231,994
Policy loans			66,917						65,825						48,118
Other invested assets			249,245						140,376						98,369
Short-term investments and cash equivalents			122,337						182,094						123,857
Gross investment income			3,339,967						2,527,151						1,752,819
Less: investment expenses			(129,445)						(105,134)						(77,297)
Net investment income			$	3,210,522					$	2,422,017					$	1,675,522

The carrying value of non-income producing assets included $19.1 million in fixed maturities, available-for-sale and $0.2 million in fixed maturities, trading as of December 31, 2025. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2025.

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:

			Years Ended December 31,
			2025						2024						2023
			(in thousands)
Fixed maturities(1)			$	(82,414)					$	(167,394)					$	(31,193)
Commercial mortgage and other loans			(21,697)						(11,113)						(17,854)
LPs/LLCs(2)			(6)						576						(272)
Derivatives			(1,129,307)						713,403						(1,136,331)
Short-term investments and cash equivalents			142						974						2,033
Ceded income on modified coinsurance assets(2)(3)			(191,080)						(85,069)						37,120
Other(2)			(6,063)						40						(602)
Realized investment gains (losses), net			$	(1,430,425)					$	451,417					$	(1,147,099)

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.

(2)Prior period amounts have been updated to conform to current period presentation.

(3)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 

			December 31,
			2025						2024						2023
			(in thousands)
Fixed maturity securities, available-for-sale with an allowance			$	(1,352)					$	893					$	1,987
Fixed maturity securities, available-for-sale without an allowance			(590,413)						(1,955,252)						(1,406,265)
Derivatives designated as cash flow hedges(1)			(132,690)						110,565						11,934
Affiliated notes			(2,094)						(3,276)						(8,760)
Other investments(2)			12,147						785						(1,089)
Net unrealized gains (losses) on investments			$	(714,402)					$	(1,846,285)					$	(1,402,193)

(1)For additional information regarding cash flow hedges, see Note 5.

(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets".

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both December 31, 2025 and 2024, the Company had no repurchase agreements.

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:

			December 31, 2025																		December 31, 2024
			Remaining Contractual Maturities of the Agreements																		Remaining Contractual Maturities of the Agreements
			Overnight & Continuous						Up to 30 Days						Total						Overnight & Continuous						Up to 30 Days						Total
			(in thousands)
Obligations of U.S. states and their political subdivisions			$	1,123					$	0					$	1,123					$	1,139					$	0					$	1,139
U.S. public corporate securities			3,227						0						3,227						6,949						0						6,949
U.S. private corporate securities			0						0						0						18						0						18
Foreign public corporate securities			18,272						0						18,272						10,100						0						10,100
Equity securities			0						0						0						103,166						0						103,166
Total cash collateral for loaned securities(1)			$	22,622					$	0					$	22,622					$	121,372					$	0					$	121,372

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Securities Pledged, Restricted Assets and Special Deposits

The Company pledges as collateral investment securities it owns through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties. The following table sets forth the carrying value of investments pledged to third-parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:

						December 31,
						2025						2024
						(in thousands)
Securities pledged:
Fixed maturities, available-for-sale						$	5,661,731					$	3,856,216
Fixed maturities, trading						0						17
Equity securities						0						100,601
Total securities pledged						$	5,661,731					$	3,956,834
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities						$	22,622					$	121,372
Other liabilities						2,482,215						3,622,596
Total liabilities supported by the pledged collateral						$	2,504,837					$	3,743,968

In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities purchased under agreements to resell. As of both December 31, 2025 and 2024, there was $0.0 million of collateral that could be sold or repledged.

As of December 31, 2025 and 2024, there were $0.0 million and $3.6 million, respectively, on deposit with governmental authorities or trustees as required by certain insurance laws.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

4. VARIABLE INTEREST ENTITIES

In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be VIEs. A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control activities of the entity, the obligation to absorb the entity’s expected losses and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE.

The Company is the primary beneficiary if the Company has (1) the power to direct the activities of the VIE that most significantly impact the economic performance of the entity and (2) the obligation to absorb losses of the entity that could be potentially significant to the VIE or the right to receive benefits from the entity that could be potentially significant. If the Company determines that it is the VIE’s primary beneficiary, it consolidates the VIE.

Consolidated Variable Interest Entities

The Company is the primary beneficiary of certain VIEs in which the Company has invested, as part of its investment activities, but for which it is not the investment manager. The Company’s involvement in the structuring of these investments combined with its economic interest indicates that the Company is the primary beneficiary. The Company has not provided material financial support or other support that was not contractually required to these VIEs.

The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported:

			December 31, 2025						December 31, 2024
			(in thousands)
Fixed maturities, available-for-sale, at fair value			$	39,593					$	0
Other invested assets			52,590						0
Accrued investment income			129						0
Cash and cash equivalents			157						0
Income tax assets			14						0
Other assets			84						0
Total assets of consolidated variable interest entities			$	92,567					$	0
Payables to parent and affiliates			$	739					$	0
Other liabilities			3,945						0
Total liabilities of consolidated variable interest entities			$	4,684					$	0

Unconsolidated Variable Interest Entities

The Company has determined that it is not the primary beneficiary of certain VIEs. These VIEs consist of investment funds for which the Company has determined that it is not the primary beneficiary as it does not have both (1) the power to direct the activities of the VIE that most significantly impact the economic performance of the entity and (2) the obligation to absorb losses of the entity that could be potentially significant to the VIE or the right to receive benefits from the entity that could be potentially significant. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $80 million and $0 million as of December 31, 2025 and 2024, respectively. These investments are reflected in “Other invested assets”. There are no liabilities associated with these unconsolidated VIEs on the Company’s Consolidated Statements of Financial Position.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

5. DERIVATIVES AND HEDGING

Types of Derivative Instruments and Derivative Strategies

Interest Rate Contracts

Interest rate swaps, interest rate total return swaps, options, and futures are used by the Company to reduce risks from changes in interest rates, manage interest rate exposures arising from mismatches between assets and liabilities and to hedge against changes in the values it owns or anticipates acquiring or selling.

Swaps may be attributed to specific assets or liabilities or to a portfolio of assets or liabilities. Under interest rate swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed upon notional principal amount. Under interest rate total return swaps, the company agrees with counterparties to exchange, at specified intervals, the difference between the return on a fixed income market index and Secured Overnight Financing Rate (“SOFR”) plus an associated funding spread based on a notional amount.

The Company also uses interest rate swaptions, caps and floors to manage interest rate risk. A swaption is an option to enter into a swap with a forward starting effective date. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. In an interest rate cap, the buyer receives payments at the end of each period in which the interest rate exceeds the agreed strike price. Similarly, in an interest rate floor, the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. Swaptions, caps and floors are included in interest rate options.

In standardized exchange-traded interest rate futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced investments. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.

Equity Contracts

Equity options, equity total return swaps, and futures are used by the Company to manage its exposure to the equity markets which impacts the value of assets and liabilities it owns or anticipates acquiring or selling.

Equity index options are contracts which will settle in cash based on differentials in the underlying indices at the time of exercise and the strike price. The Company uses combinations of purchases and sales of equity index options to hedge the effects of adverse changes in equity indices within a predetermined range.

Equity total return swaps are contracts whereby the Company agrees with counterparties to exchange, at specified intervals, the difference between the return on an asset (or market index) and SOFR plus an associated funding spread based on a notional amount. The Company generally uses total return swaps to hedge the effect of adverse changes in equity indices.

In standardized exchange-traded equity futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced equity indices. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.

Foreign Exchange Contracts

Currency derivatives, including currency swaps and forwards, are used by the Company to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.

Under currency forwards, the Company agrees with counterparties to deliver a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company executes forward sales of the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these forwards correspond with the future periods in which the non-U.S. dollar-denominated earnings are expected to be generated.

Under currency swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between one currency and another at an exchange rate and calculated by reference to an agreed principal amount. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Credit Contracts

The Company writes credit protection to gain exposure similar to investment in public fixed maturity cash instruments. With these credit derivatives the Company sells credit protection on a single name reference, or certain index reference, and in return receives a quarterly premium. This premium or credit spread generally corresponds to the difference between the yield on the referenced name (or an index’s referenced names) public fixed maturity cash instruments and swap rates, at the time the agreement is executed. If there is an event of default by the referenced name or one of the referenced names in the index, as defined by the agreement, then the Company is obligated to pay the referenced amount of the contract to the counterparty and receive in return the referenced defaulted security or similar security or (in the case of a credit default index) pay the referenced amount less the auction recovery rate.

In addition to selling credit protection, the Company purchases credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio.

Embedded Derivatives

The Company offers certain products (for example, indexed annuities and index-linked universal life) which may include features that are accounted for as embedded derivatives; related to certain of these derivatives, the Company has entered into reinsurance agreements with both affiliated and unaffiliated parties. See Note 12 for additional information on the reinsurance agreements.

These embedded derivatives and reinsurance agreements, also accounted for as derivatives, are carried at fair value and marked to market through “Realized investment gains (losses), net” based on the change in value of the underlying contractual guarantees, which are determined using valuation models, as described in Note 6.

Synthetic Guarantees

The Company sells synthetic guarantees in the form of stable value wrap guarantees on third-party banked owned life insurance contracts. The synthetic guarantees are issued in respect of assets that are owned by the third-party insurer, who invest the assets according to the contract terms agreed to with the Company. The contracts establish policyholder balances and credit interest thereon. The policyholder balances are supported by the underlying assets. In connection with certain policyholder-initiated withdrawals, the contract guarantees that after all underlying assets are liquidated, any remaining policyholder balances will be paid by the Company. These guarantees are accounted for as derivatives and recorded at fair value.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Primary Risks Managed by Derivatives

The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.

						December 31, 2025																		December 31, 2024
Primary Underlying Risk/Instrument Type												Fair Value																		Fair Value
						Gross Notional						Assets						Liabilities						Gross Notional						Assets						Liabilities
						(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps						$	2,664					$	0					$	(103)					$	2,851					$	0					$	(209)
Foreign Currency Swaps						4,731,873						84,065						(215,779)						3,308,842						202,606						(27,523)
Total Derivatives Designated as Hedge Accounting Instruments						$	4,734,537					$	84,065					$	(215,882)					$	3,311,693					$	202,606					$	(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps						$	191,366,960					$	8,656,717					$	(20,427,373)					$	174,170,160					$	9,029,399					$	(20,888,553)
Interest Rate Futures						2,076,700						2,227						(1,587)						1,518,400						1,967						(1,443)
Interest Rate Options						27,025,000						133,690						(1,331,534)						29,135,000						279,414						(1,406,265)
Interest Rate Forwards						0						0						0						0						0						0
Interest Rate Total Return Swaps						843,143						215,517						(219,681)						223,721						1,472						(2,121)
Foreign Currency
Foreign Currency Forwards						2,388,287						1,918						(12,705)						1,146,861						30,078						(181)
Credit
Credit Default Swaps						874,950						9,667						0						911,850						9,606						0
Currency/Interest Rate
Foreign Currency Swaps						2,138,269						51,698						(55,778)						2,285,052						164,152						(9,277)
Equity
Equity Total Return Swaps						31,287,562						2,697,977						(2,473,729)						23,025,217						1,160,080						(1,182,913)
Equity Options						199,267,054						9,954,651						(8,727,823)						117,107,059						4,453,762						(3,717,637)
Equity Futures						836,190						2,208						(4,586)						1,802,205						15						(6,060)
Synthetic GICs						4,186,284						0						0						3,958,847						143						(31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments						$	462,290,399					$	21,726,270					$	(33,254,796)					$	355,284,372					$	15,130,088					$	(27,214,481)
Total Derivatives(1)(2)						$	467,024,936					$	21,810,335					$	(33,470,678)					$	358,596,065					$	15,332,694					$	(27,242,213)

(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $17,801 million and $11,968 million as of December 31, 2025 and 2024, respectively, primarily included in "Policyholders' account balances".

(2)Recorded in “Other invested assets”, “Payables to parent and affiliates” and "Other liabilities" on the Consolidated Statements of Financial Position.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Offsetting Assets and Liabilities

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.

						December 31, 2025
						Gross Amounts of Recognized Financial Instruments						Gross Amounts Offset in the Consolidated Statements of Financial Position						Net Amounts Presented in the Consolidated Statements of Financial Position						Financial Instruments/ Collateral(1)						Net Amount
						(in thousands)
Offsetting of Financial Assets:
Derivatives						$	21,810,330					$	(21,763,852)					$	46,478					$	0					$	46,478
Total Assets						$	21,810,330					$	(21,763,852)					$	46,478					$	0					$	46,478
Offsetting of Financial Liabilities:
Derivatives						$	33,470,678					$	(30,988,463)					$	2,482,215					$	(2,482,215)					$	0
Total Liabilities						$	33,470,678					$	(30,988,463)					$	2,482,215					$	(2,482,215)					$	0

						December 31, 2024
						Gross Amounts of Recognized Financial Instruments						Gross Amounts Offset in the Consolidated Statements of Financial Position						Net Amounts Presented in the Consolidated Statements of Financial Position						Financial Instruments/ Collateral(1)						Net Amount
						(in thousands)
Offsetting of Financial Assets:
Derivatives						$	15,332,538					$	(15,308,195)					$	24,343					$	0					$	24,343
Total Assets						$	15,332,538					$	(15,308,195)					$	24,343					$	0					$	24,343
Offsetting of Financial Liabilities:
Derivatives						$	27,242,182					$	(23,619,586)					$	3,622,596					$	(3,622,596)					$	0
Total Liabilities						$	27,242,182					$	(23,619,586)					$	3,622,596					$	(3,622,596)					$	0

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 16. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Cash Flow Hedges

The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps and interest rate swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its cash flow hedge accounting relationships.

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.

						Year Ended December 31, 2025
						Realized Investment Gains (Losses)						Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)						Net Investment Income						Other Income (Loss)						Change in AOCI
						(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate						$	3					$	0					$	(63)					$	0					$	90
Currency/Interest Rate						3,904						0						56,229						(80,651)						(243,345)
Total cash flow hedges						3,907						0						56,166						(80,651)						(243,255)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate						50,408						(791,731)						0						0						0
Currency						(149,674)						0						0						0						0
Currency/Interest Rate						(120,149)						0						0						(1,037)						0
Credit						14,684						0						0						0						0
Equity						3,505,905						(744,447)						0						0						0
Embedded Derivatives						(4,434,388)						0						0						0						0
Total Derivatives Not Qualifying as Hedge Accounting Instruments						(1,133,214)						(1,536,178)						0						(1,037)						0
Total						$	(1,129,307)					$	(1,536,178)					$	56,166					$	(81,688)					$	(243,255)

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

						Year Ended December 31, 2024
						Realized Investment Gains (Losses)						Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)						Net Investment Income						Other Income (Loss)						Change in AOCI
						(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate						$	3					$	0					$	(118)					$	0					$	46
Currency/Interest Rate						2,256						0						48,523						34,827						98,585
Total cash flow hedges						2,259						0						48,405						34,827						98,631
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate						35,600						(2,094,268)						0						0						0
Currency						54,543						0						0						0						0
Currency/Interest Rate						77,166						0						0						523						0
Credit						16,856						0						0						0						0
Equity						3,207,538						(761,850)						0						0						0
Embedded Derivatives						(2,680,559)						0						0						0						0
Total Derivatives Not Qualifying as Hedge Accounting Instruments						711,144						(2,856,118)						0						523						0
Total						$	713,403					$	(2,856,118)					$	48,405					$	35,350					$	98,631

						Year Ended December 31, 2023
						Realized Investment Gains (Losses)						Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)						Net Investment Income						Other Income (Loss)						Change in AOCI
						(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate						$	2					$	0					$	(118)					$	0					$	72
Currency/Interest Rate						(636)						0						43,934						(26,206)						(126,765)
Total cash flow hedges						(634)						0						43,816						(26,206)						(126,693)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate						25,329						(1,555,807)						0						0						0
Currency						(16,012)						0						0						0						0
Currency/Interest Rate						(102,238)						0						0						(257)						0
Credit						14,350						0						0						0						0
Equity						1,744,218						(821,996)						0						0						0
Embedded Derivatives						(2,798,232)						0						0						0						0
Total Derivatives Not Qualifying as Hedge Accounting Instruments						(1,132,585)						(2,377,803)						0						(257)						0
Total						$	(1,133,219)					$	(2,377,803)					$	43,816					$	(26,463)					$	(126,693)

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:

			(in thousands)
Balance, December 31, 2022			$	138,627
Amount recorded in AOCI
Interest Rate			(44)
Currency/Interest Rate			(109,673)
Total amount recorded in AOCI			(109,717)
Amount reclassified from AOCI to income
Interest Rate			116
Currency/Interest Rate			(17,092)
Total amount reclassified from AOCI to income			(16,976)
Balance, December 31, 2023			$	11,934
Amount recorded in AOCI
Interest Rate			(69)
Currency/Interest Rate			184,191
Total amount recorded in AOCI			184,122
Amount reclassified from AOCI to income
Interest Rate			115
Currency/Interest Rate			(85,606)
Total amount reclassified from AOCI to income			(85,491)
Balance, December 31, 2024			$	110,565
Amount recorded in AOCI
Interest Rate			30
Currency/Interest Rate			(263,863)
Total amount recorded in AOCI			(263,833)
Amount reclassified from AOCI to income
Interest Rate			60
Currency/Interest Rate			20,518
Total amount reclassified from AOCI to income			20,578
Balance, December 31, 2025			$	(132,690)

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Consolidated Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using December 31, 2025 values, it is estimated that a pre-tax gain of $38 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending December 31, 2026.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.

Credit Derivatives

Credit derivatives, where the Company has written credit protection on certain index references, have outstanding notional amounts of $875 million and $912 million as of December 31, 2025 and 2024, respectively. These credit derivatives are reported at fair value as an asset of $10 million and $10 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025 the notional amount of these credit derivatives had the following NAIC ratings: $845 million in NAIC 3 and $30 million in NAIC 6.

The Company has no exposure on purchased credit protection as of December 31, 2025 and 2024.

Counterparty Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with regulated derivatives exchanges for exchange traded derivatives and its affiliate, Prudential Global Funding LLC (“PGF”), related to its OTC derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

6. FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include certain cash equivalents and short-term investments, equity securities, and derivative contracts that trade on an active exchange market included in other invested assets and other liabilities.

Level 2 - Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. The Company’s Level 2 assets and liabilities include: fixed maturities (corporate public and private bonds, most government securities, certain asset-backed and mortgage-backed securities, etc.), certain equity securities (mutual funds, which do not trade in active markets because they are not publicly available), certain cash equivalents (primarily commercial paper), short-term investments, certain OTC derivatives, separate account assets, receivables from parent and affiliates, other liabilities and embedded derivatives associated with certain reinsurance arrangements.

Level 3 - Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. The Company’s Level 3 assets and liabilities primarily include: certain private fixed maturities and equity securities, certain manually priced public equity securities and fixed maturities, certain highly structured OTC derivative contracts, contracts or contract features pertaining to living benefit features (market risk benefits) of the Company's variable annuity contracts, embedded derivatives associated with the index-linked features of certain universal life and annuity products, receivables from parent and affiliates, short-term investments, cash equivalents and other liabilities.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

						December 31, 2025
						Level 1						Level 2						Level 3						Netting(1)						Total
						(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies						$	0					$	1,117,320					$	0					$						$	1,117,320
Obligations of U.S. states and their political subdivisions						0						434,528						0												434,528
Foreign government securities						0						424,735						0												424,735
U.S. corporate public securities						0						19,067,987						0												19,067,987
U.S. corporate private securities						0						5,860,168						842,444												6,702,612
Foreign corporate public securities						0						5,312,470						8,746												5,321,216
Foreign corporate private securities						0						6,722,526						460,924												7,183,450
Asset-backed securities(2)						0						3,814,974						1,261,074												5,076,048
Commercial mortgage-backed securities						0						1,278,970						75,340												1,354,310
Residential mortgage-backed securities						0						933,162						8,803												941,965
Subtotal						0						44,966,840						2,657,331												47,624,171
Market risk benefit assets						0						0						2,655,866												2,655,866
Fixed maturities, trading						0						4,738,551						153,956												4,892,507
Equity securities						2,731,986						135,295						2,350												2,869,631
Short-term investments						0						271,028						164												271,192
Cash equivalents						50,286						2,464,769						0												2,515,055
Other invested assets(3)						285,479						21,524,856						0						(21,763,852)						46,483
Reinsurance recoverables and deposit receivables						0						0						804,855												804,855
Receivables from parent and affiliates						0						291,583						358,188												649,771
Subtotal excluding separate account assets						3,067,751						74,392,922						6,632,710						(21,763,852)						62,329,531
Separate account assets(4)(5)						567,387						110,105,979						21,982												110,695,348
Total assets						$	3,635,138					$	184,498,901					$	6,654,692					$	(21,763,852)					$	173,024,879
Market risk benefit liabilities						$	0					$	0					$	4,482,417					$						$	4,482,417
Policyholders' account balances						0						0						18,606,282												18,606,282
Reinsurance and funds withheld payables						0						265						0												265
Payables to parent and affiliates						0						33,211,800						0						(30,731,963)						2,479,837
Other liabilities						258,878						0						0						(256,500)						2,378
Total liabilities						$	258,878					$	33,212,065					$	23,088,699					$	(30,988,463)					$	25,571,179

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

						December 31, 2024
						Level 1						Level 2						Level 3						Netting(1)						Total
						(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies						$	0					$	1,099,241					$	0					$						$	1,099,241
Obligations of U.S. states and their political subdivisions						0						541,066						0												541,066
Foreign government securities						0						309,686						648												310,334
U.S. corporate public securities						0						13,238,428						0												13,238,428
U.S. corporate private securities						0						4,996,400						757,697												5,754,097
Foreign corporate public securities						0						3,692,124						6,727												3,698,851
Foreign corporate private securities						0						4,906,450						435,183												5,341,633
Asset-backed securities(2)						0						3,126,089						624,574												3,750,663
Commercial mortgage-backed securities						0						820,457						75,318												895,775
Residential mortgage-backed securities						0						356,072						0												356,072
Subtotal						0						33,086,013						1,900,147												34,986,160
Market risk benefit assets						0						0						2,637,363												2,637,363
Fixed maturities, trading						0						3,778,760						66,285												3,845,045
Equity securities						2,587,791						15,514						20,515												2,623,820
Short-term investments						0						390,745						105,540												496,285
Cash equivalents						0						2,851,250						33												2,851,283
Other invested assets(3)						2,302						15,330,249						143						(15,308,195)						24,499
Reinsurance recoverables and deposit receivables						0						0						645,193												645,193
Receivables from parent and affiliates						0						169,072						351,390												520,462
Subtotal excluding separate account assets						2,590,093						55,621,603						5,726,609						(15,308,195)						48,630,110
Separate account assets(4)(5)						273,288						111,415,717						10,547												111,699,552
Total assets						$	2,863,381					$	167,037,320					$	5,737,156					$	(15,308,195)					$	160,329,662
Market risk benefit liabilities						$	0					$	0					$	4,281,244					$						$	4,281,244
Policyholders' account balances						0						0						12,624,585												12,624,585
Payables to parent and affiliates						0						27,232,920						0						(23,617,643)						3,615,277
Other liabilities						7,988						1,274						31						(1,943)						7,350
Total liabilities						$	7,988					$	27,234,194					$	16,905,860					$	(23,619,586)					$	20,528,456

(1)"Netting" amounts represent cash collateral of $(9,225) million and $(8,311) million as of December 31, 2025 and 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.

(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2025 and 2024, the fair value of such investments was $87 million and $44 million, respectively.

(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Consolidated Statements of Financial Position.

(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate-owned life insurance fund. At December 31, 2025 and 2024, the fair value of such investments was $7,914 million and $6,444 million, respectively.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.

Fixed Maturity Securities – The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent pricing services. Prices for each security are generally sourced from multiple pricing vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. The pricing hierarchy is updated for new financial products and recent pricing experience with various vendors. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Typical inputs used by these pricing services include but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flow, prepayment speeds, and default rates. If the pricing information received from third-party pricing services is deemed not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service or classify the securities as Level 3. If the pricing service updates the price to be more consistent with the presented market observations, the security remains within Level 2.

Internally-developed valuations or indicative broker quotes are also used to determine fair value in circumstances where vendor pricing is not available, or where the Company ultimately concludes that pricing information received from the independent pricing services is not reflective of market activity. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information with an internally-developed valuation. As of December 31, 2025 and 2024, overrides on a net basis were not material. Pricing service overrides, internally-developed valuations and indicative broker quotes are generally included in Level 3 in the fair value hierarchy.

The Company conducts several specific price monitoring activities. Daily analyses identify price changes over predetermined thresholds defined at the financial instrument level. Various pricing integrity reports are reviewed on a daily and monthly basis to determine if pricing is reflective of market activity or if it would warrant any adjustments. Other procedures performed include, but are not limited to, reviews of third-party pricing services methodologies, reviews of pricing trends and back testing.

The fair values of private fixed maturities, which are originated by internal private asset managers, are primarily determined using discounted cash flow models. These models primarily use observable inputs that include Treasury or similar base rates plus estimated credit spreads to value each security. The credit spreads are obtained through a survey of private market intermediaries who are active in both primary and secondary transactions, and consider, among other factors, the credit quality and the reduced liquidity associated with private placements. Internal adjustments are made to reflect variation in observed sector spreads. Since most private placements are valued using standard market observable inputs and inputs derived from, or corroborated by, market observable data including, but not limited to observed prices and spreads for similar publicly or privately traded issues, they have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model may incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the price of a security, a Level 3 classification is made.

Equity Securities – Equity securities consist principally of investments in common and preferred stock of publicly traded companies, privately traded securities, as well as mutual fund shares. The fair values of most publicly traded equity securities are based on quoted prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. Estimated fair values for most privately traded equity securities are determined using discounted cash flow, earnings multiple and other valuation models that require a substantial level of judgment around inputs and therefore are classified within Level 3. The fair values of mutual fund shares that transact regularly (but do not trade in active markets because they are not publicly available) are based on transaction prices of identical fund shares and are classified within Level 2 in the fair value hierarchy.

Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Certain money market instruments are valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The remaining instruments in this category are generally fair valued based on market observable inputs and these investments have primarily been classified within Level 2.

Derivative Instruments – Derivatives are recorded at fair value either as assets within "Other invested assets", or as liabilities within "Payables to parent and affiliates" or "Other liabilities", except for embedded derivatives which are recorded with the associated host contract. The fair values of derivative contracts can be affected by changes in interest rates, foreign exchange rates, credit spreads, market volatility, expected returns, NPR, liquidity and other factors.

The Company's exchange-traded futures and options include treasury and equity futures. Exchange-traded futures and options are valued using quoted prices in active markets and are classified within Level 1 in the fair value hierarchy.

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Notes to Consolidated Financial Statements—(Continued)

The majority of the Company’s derivative positions are traded in the OTC derivative market and are classified within Level 2 in the fair value hierarchy. OTC derivatives classified within Level 2 are valued using models that utilize actively quoted or observable market inputs from external market data providers, third-party pricing vendors and/or recent trading activity. The Company’s policy is to use mid-market pricing in determining its best estimate of fair value. The fair values of most OTC derivatives, including interest rate and cross-currency swaps, currency forward contracts and credit default swaps are determined using discounted cash flow models. The fair values of European style option contracts are determined using Black-Scholes option pricing models. These models’ key inputs include the contractual terms of the respective contract, along with significant observable inputs, including interest rates, currency rates, credit spreads, equity prices, index dividend yields, NPR, volatility and other factors.

The Company’s cleared interest rate swaps and credit derivatives linked to an index are valued using models that utilize actively quoted or observable market inputs, including SOFR, obtained from external market data providers, third-party pricing vendors and/or recent trading activity. These derivatives are classified as Level 2 in the fair value hierarchy.

Reinsurance Recoverables and Deposit Receivables – Reinsurance recoverables and deposit receivables primarily include (1) an embedded derivative associated with net receivables from modified coinsurance arrangements where the Company is the cedant; and (2) an embedded derivatives on deposit receivables where the Company has ceded fixed indexed annuities. The methods and assumptions used to estimate the fair value are consistent with those described below in "Policyholders' account balances".

Receivables from Parent and Affiliates – Receivables from parent and affiliates carried at fair value include affiliated bonds within the Company’s legal entity where fair value is determined consistent with similar securities described above under "Fixed Maturity Securities" managed by affiliated asset managers.

Separate Account Assets – Separate account assets include fixed maturity securities, treasuries, equity securities, real estate, mutual funds and commercial mortgage loans for which values are determined consistent with similar instruments described above under "Fixed Maturity Securities" and "Equity Securities".

Market Risk Benefits – Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and expose the insurance entity to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the annuities products including GMDB, GMIB, GMAB, GMWB and GMIWB. The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework.

The fair value of these market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment.

The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the valuations, the assets and liabilities included in market risk benefits have been reflected within Level 3 in the fair value hierarchy.

Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with the Company issued funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon Company emerging experience and industry studies, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period.

Policyholders' Account Balances – The liability for policyholders’ account balances is related to certain embedded derivative instruments associated with certain universal life and annuity products that provide policyholders with index-linked interest credited over contract specified term periods. The fair values of these liabilities are determined using discounted cash flow models which include capital market assumptions such as interest rates and equity index volatility assumptions, the Company’s market-perceived NPR and actuarially determined assumptions for mortality, lapses and projected hedge costs.

As there is no observable active market for these liabilities, the fair value is determined as the present value of account balances paid to policyholders in excess of contractually guaranteed minimums using option pricing techniques for index term periods that contain deposits as of the valuation date, and the expected option cost for future index term periods, where the terms of index crediting rates have not yet been declared by the Company. Premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows are also incorporated in the fair value of these liabilities. Since the valuation of these liabilities requires the use of management’s judgment to determine these risk premiums and the use of unobservable inputs, these liabilities are reflected within Level 3 in the fair value hierarchy.

Capital market inputs, including interest rates and equity market volatility, and actual policyholders’ account values are updated each quarter. Actuarial assumptions are reviewed at least annually and updated based upon emerging Company experience, future expectations and other data, including any observable market data. Aside from these annual updates, assumptions are generally updated only if a material change is observed in an interim period that the Company believes is indicative of a long-term trend.

Reinsurance and Funds Withheld Payables – Reinsurance and funds withheld payables primarily includes an embedded derivative associated with certain funds withheld reinsurance arrangements that are described in Note 12. The fair value is determined based on the valuation of the underlying funds withheld assets identified to support the payable due to the applicable reinsurance counterparties.

Other Liabilities – Other liabilities include certain derivative instruments. The fair values of derivative instruments are determined consistent with those described above under "Derivative Instruments".

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities - The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.

			December 31, 2025
			Fair Value						Valuation   Techniques						Unobservable  Inputs						Minimum						Maximum						Weighted Average						Impact of  Increase in Input on Fair Value(1)(2)
			(in thousands)
Assets:
Corporate securities(3)			$	1,187,393					Discounted cash flow						Discount rate						1.85		%				25.50		%				9.62		%				Decrease
									Market comparables						EBITDA multiple(4)						7.00 X						7.00 X						7.00 X						Increase
									Liquidation						Liquidation value						12.01		%				30.83		%				28.88		%				Increase
Asset-backed securities			$	403,303					Discounted cash flow						Discount rate						2.10		%				10.05		%				5.42		%				Decrease
Commercial mortgage-backed securities			$	75,340					Discounted cash flow						Liquidity premium						0.90		%				0.90		%				0.90		%				Decrease
Market risk benefit assets(5)			$	2,655,866					Discounted cash flow						Lapse rate(6)						1		%				20		%										Increase
															Spread over SOFR(7)						0.38		%				1.61		%										Increase
															Utilization rate(8)						37		%				94		%										Decrease
															Withdrawal rate						See table footnote (9) below.
															Mortality rate(10)						0		%				16		%										Increase
															Equity volatility curve						15		%				25		%										Decrease
Reinsurance recoverables and deposit receivables(11)			$	804,855					Discounted cash flow						Lapse rate(6)						0		%				80		%										Decrease
															Spread over SOFR(7)						0.38		%				1.61		%										Decrease
															Option budget(13)						(2)		%				9		%										Increase
Receivables from parent and affiliates			$	354,207					Liquidation						Liquidation value						100		%				100		%				100		%				Increase
Liabilities:
Market risk benefit liabilities(5)			$	4,482,417					Discounted cash flow						Lapse rate(6)						1		%				20		%										Decrease
															Spread over SOFR(7)						0.38		%				1.61		%										Decrease
															Utilization rate(8)						37		%				94		%										Increase
															Withdrawal rate						See table footnote (9) below.
															Mortality rate(10)						0		%				16		%										Decrease
															Equity volatility curve						15		%				25		%										Increase
Policyholders' account balances(12)			$	18,606,282					Discounted cash flow						Lapse rate(6)						0		%				80		%										Decrease
															Spread over SOFR(7)						0.38		%				1.61		%										Decrease
															Mortality rate(10)						0		%				23		%										Decrease
															Option budget(13)						(2)		%				9		%										Increase

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			December 31, 2024
			Fair Value						Valuation  Techniques						Unobservable  Inputs						Minimum						Maximum						Weighted Average						Impact of  Increase in Input on Fair Value(1)(2)
			(in thousands)
Assets:
Corporate securities(3)			$	1,130,627					Discounted cash flow						Discount rate						2.15		%				20.00		%				11.15		%				Decrease
									Market comparables						EBITDA multiple(4)						5.0		X				5.0		X				5.0		X				Increase
									Liquidation						Liquidation value						75.00		%				75.00		%				75.00		%				Increase
Asset-backed securities			$	90,370					Discounted cash flow						Discount rate						2.30		%				10.70		%				6.18		%				Decrease
Commercial mortgage-backed securities			$	75,318					Discounted cash flow						Liquidity premium						1.00		%				1.00		%				1.00		%				Decrease
Market risk benefit assets(5)			$	2,637,363					Discounted cash flow						Lapse rate(6)						1		%				20		%										Increase
															Spread over SOFR(7)						0.29		%				1.79		%										Increase
															Utilization rate(8)						37		%				94		%										Decrease
															Withdrawal rate						See table footnote (9) below.
															Mortality rate(10)						0		%				16		%										Increase
															Equity volatility curve						16		%				25		%										Decrease
Reinsurance recoverables and deposit receivables(11)			$	645,193					Discounted cash flow						Lapse rate(6)						0		%				80		%										Decrease
															Spread over SOFR(7)						0.29		%				1.71		%										Decrease
															Option budget(13)						(1)		%				7		%										Increase
Receivables from parent and affiliates			$	328,001					Liquidation						Liquidation value						100		%				100		%				100		%				Increase
Liabilities:
Market risk benefit liabilities(5)			$	4,281,244					Discounted cash flow						Lapse rate(6)						1		%				20		%										Decrease
															Spread over SOFR(7)						0.29		%				1.79		%										Decrease
															Utilization rate(8)						37		%				94		%										Increase
															Withdrawal rate						See table footnote (9) below.
															Mortality rate(10)						0		%				16		%										Decrease
															Equity volatility curve						16		%				25		%										Increase
Policyholders' account balances(12)			$	12,624,585					Discounted cash flow						Lapse rate(6)						0		%				80		%										Decrease
															Spread over SOFR(7)						0.29		%				1.73		%										Decrease
															Mortality rate(10)						0		%				23		%										Decrease
															Option budget(13)						(1)		%				7		%										Increase

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.

(3)Includes assets classified as fixed maturities, available-for-sale and fixed maturities, trading.

(4)Represents multiple of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(5)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

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Notes to Consolidated Financial Statements—(Continued)

(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.

(7)The spread over the SOFR swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2025 and 2024, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company's; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.

(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both December 31, 2025 and 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

(11)Includes deposit assets related to reinsurance agreements using deposit method of accounting and modified coinsurance agreements, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.

(12)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value.

Commercial Mortgage-backed Securities – Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.

Market Risk Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

			Year Ended December 31, 2025(6)
			Fair Value, beginning of period			Total realized and unrealized gains (losses)			Purchases			Sales			Issuances			Settlements			Other(1)			Transfers into Level 3(7)			Transfers out of Level 3(7)			Fair Value, end of period			Unrealized gains (losses) for assets and liabilities still held(2)
			(in thousands)
Fixed maturities, available-for-sale:
Foreign government			$	648		$	(8)		$	0		$	0		$	0		$	(640)		$	0		$	0		$	0		$	0		$	0
Corporate securities(3)			1,199,607			(18,352)			1,298,618			(929,011)			0			(275,269)			(3,819)			54,950			(14,610)			1,312,114			(26,070)
Structured securities(4)			699,892			6,535			879,448			(38,219)			0			(229,224)			(30,444)			292,257			(235,028)			1,345,217			4,813
Other assets:
Fixed maturities, trading			66,285			22,926			565,106			0			0			(46,805)			26,461			2,166			(482,183)			153,956			26,447
Equity securities			20,515			(140)			2,249			0			0			0			0			0			(20,274)			2,350			(140)
Other invested assets			143			(143)			0			0			0			0			0			0			0			0			(143)
Short-term investments			105,540			(201)			4,018			(104,545)			0			(25,279)			(1,741)			22,372			0			164			(226)
Cash equivalents			33			(46)			2,660			(35)			0			(2,305)			(307)			0			0			0			(80)
Reinsurance recoverables and deposit receivables(5)			645,193			(19,866)			179,528			0			0			0			0			0			0			804,855			(337,374)
Separate account assets			10,547			520			12,710			(789)			0			(1,006)			0			0			0			21,982			533
Receivables from parent and affiliates			351,390			(8,467)			159,069			(16,034)			0			(135,122)			30,792			0			(23,440)			358,188			(588)
Liabilities:
Policyholders' account balances(5)			(12,624,585)			(4,407,178)			0			0			(1,574,519)			0			0			0			0			(18,606,282)			675,999
Other liabilities			(31)			31			0			0			0			0			0			0			0			0			31
Notes issued by consolidated variable interest entities			0			0			0			0			(17,538)			17,538			0			0			0			0			0

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2025
			Total realized and unrealized gains (losses)																		Unrealized gains (losses) for assets and liabilities still held(2)
			Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)			Net investment income						Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)
			(in thousands)
Fixed maturities, available-for-sale			$	(51,531)		$	0		$	0		$	38,751		$	955					$	(57,441)		$	0		$	0		$	36,184
Other assets:
Fixed maturities, trading			0			23,182			0			0			(256)						0			26,447			0			0
Equity securities			0			(140)			0			0			0						0			(140)			0			0
Other invested assets			(143)			0			0			0			0						(143)			0			0			0
Short-term investments			184			0			0			(385)			0						125			0			0			(351)
Cash equivalents			(46)			0			0			0			0						(80)			0			0			0
Reinsurance recoverables and deposit receivables			(19,866)			0			0			0			0						(337,374)			0			0			0
Separate account assets			0			0			520			0			0						0			0			533			0
Receivables from parent and affiliates			(7,689)			0			0			(778)			0						0			0			0			(588)
Liabilities:
Policyholders' account balances			(4,407,178)			0			0			0			0						675,999			0			0			0
Other liabilities			31			0			0			0			0						31			0			0			0
Notes issued by consolidated variable interest entities			0			0			0			0			0						0			0			0			0

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2024(6)
			Fair Value, beginning of period			Total realized and unrealized gains (losses)			Purchases			Sales			Issuances			Settlements			Other(1)			Transfers into Level 3(7)			Transfers out of Level 3(7)			Fair Value, end of period			Unrealized gains (losses) for assets and liabilities still held(2)
			(in thousands)
Fixed maturities, available-for-sale:
Foreign government			$	682		$	(34)		$	0		$	0		$	0		$	0		$	0		$	0		$	0		$	648		$	(44)
Corporate securities(3)			1,014,343			(69,658)			1,172,201			(702,073)			0			(183,577)			(64,672)			33,043			0			1,199,607			(61,011)
Structured securities(4)			177,237			(5,386)			771,208			(40,508)			0			(96,067)			65,480			34,578			(206,650)			699,892			(3,394)
Other assets:
Fixed maturities, trading			34,048			(9,654)			261,968			(52)			0			(2,261)			0			18,842			(236,606)			66,285			(9,705)
Equity securities			28,709			(2,135)			273			(6,120)			0			(6,332)			6,120			0			0			20,515			(230)
Other invested assets			1			142			0			0			0			0			0			0			0			143			142
Short-term investments			1,759			1,539			117,046			(13,113)			0			(1,488)			(203)			0			0			105,540			321
Cash equivalents			0			(41)			744			0			0			(65)			(605)			0			0			33			(41)
Reinsurance recoverables and deposit receivables(5)			192,642			26,029			333,291			0			0			0			93,231			0			0			645,193			(122,807)
Separate account assets			5,985			457			5,823			(2,050)			0			(126)			0			458			0			10,547			457
Receivables from parent and affiliates			0			90			418,916			(51,199)			0			0			0			0			(16,417)			351,390			90
Liabilities:
Policyholders' account balances(5)			(7,697,627)			(2,687,101)			0			0			(2,286,786)			0			46,929			0			0			(12,624,585)			1,254,144
Other liabilities			0			(31)			0			0			0			0			0			0			0			(31)			(31)

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2024
			Total realized and unrealized gains (losses)																		Unrealized gains (losses) for assets and liabilities still held(2)
			Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)			Net investment income						Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)
			(in thousands)
Fixed maturities, available-for-sale			$	(54,924)		$	0		$	0		$	(19,313)		$	(841)					$	(40,765)		$	0		$	0		$	(23,684)
Other assets:
Fixed maturities, trading			0			(9,661)			0			0			7						0			(9,705)			0			0
Equity securities			0			(2,135)			0			0			0						0			(230)			0			0
Other invested assets			142			0			0			0			0						142			0			0			0
Short-term investments			1,142			0			0			385			12						(64)			0			0			385
Cash equivalents			(41)			0			0			0			0						(41)			0			0			0
Reinsurance recoverables and deposit receivables			26,029			0			0			0			0						(122,807)			0			0			0
Separate account assets			0			0			457			0			0						0			0			457			0
Receivables from parent and affiliates			0			0			0			90			0						0			0			0			90
Liabilities:
Policyholders' account balances			(2,687,101)			0			0			0			0						1,254,144			0			0			0
Other liabilities			(31)			0			0			0			0						(31)			0			0			0

			Year Ended December 31, 2023
			Total realized and unrealized gains (losses)																		Unrealized gains (losses) for assets and liabilities still held(2)
			Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)			Net investment income						Realized investment gains (losses), net			Other income (loss)			Interest credited to policyholders' account balances			Included in other comprehensive income (loss)
			(in thousands)
Fixed maturities, available-for-sale			$	(2,081)		$	0		$	0		$	(2,808)		$	490					$	(2,904)		$	0		$	0		$	(2,420)
Other assets:
Fixed maturities, trading			0			1,080			0			0			3						0			1,225			0			0
Equity securities			0			(928)			0			0			0						0			(928)			0			0
Other invested assets			1			0			0			0			0						1			0			0			0
Short-term investments			1,857			0			0			(73)			789						0			0			0			0
Reinsurance recoverables and deposit receivables			(104,596)			0			0			0			0						(119,067)			0			0			0
Separate account assets			0			0			408			0			0						0			0			406			0
Liabilities:
Policyholders' account balances			(2,649,136)			0			0			0			0						(368,507)			0			0			0

(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.

(4)Includes asset-backed, commercial mortgage-backed, and residential mortgage-backed securities.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.

(6)Excludes MRB assets of $2,656 million and $2,637 million and MRB liabilities of $4,482 million and $4,281 million as of December 31, 2025 and 2024, respectively. See Note 11 for additional information.

(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Fair Value of Financial Instruments

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

						December 31, 2025
						Fair Value																								Carrying Amount(1)
						Level 1						Level 2						Level 3						Total						Total
						(in thousands)
Assets:
Commercial mortgage and other loans						$	0					$	0					$	10,113,511					$	10,113,511					$	10,082,667
Policy loans						0						0						1,666,965						1,666,965						1,666,965
Short-term investments						49,602						0						0						49,602						49,602
Cash and cash equivalents						361,333						0						0						361,333						361,333
Accrued investment income						0						618,033						0						618,033						618,033
Reinsurance recoverables and deposit receivables						0						0						4,588,399						4,588,399						4,589,685
Receivables from parent and affiliates						0						313,681						0						313,681						313,681
Other assets						0						267,560						0						267,560						267,560
Total assets						$	410,935					$	1,199,274					$	16,368,875					$	17,979,084					$	17,949,526
Liabilities:
Policyholders’ account balances - investment contracts						$	0					$	762,066					$	14,868,285					$	15,630,351					$	15,644,802
Cash collateral for loaned securities						0						22,622						0						22,622						22,622
Reinsurance and funds withheld payables						0						2,886,507						0						2,886,507						2,886,507
Payables to parent and affiliates						0						17,380						0						17,380						17,380
Other liabilities						0						657,530						30,794						688,324						688,324
Total liabilities						$	0					$	4,346,105					$	14,899,079					$	19,245,184					$	19,259,635

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

						December 31, 2024
						Fair Value																								Carrying Amount(1)
						Level 1						Level 2						Level 3						Total						Total
						(in thousands)
Assets:
Commercial mortgage and other loans						$	0					$	0					$	7,534,909					$	7,534,909					$	7,759,323
Policy loans						0						0						1,541,480						1,541,480						1,541,480
Short-term investments						21,101						0						0						21,101						21,101
Cash and cash equivalents						474,415						0						0						474,415						474,415
Accrued investment income						0						466,394						0						466,394						466,394
Reinsurance recoverables and deposit receivables						0						0						2,355,489						2,355,489						2,357,292
Receivables from parent and affiliates						0						157,566						0						157,566						157,566
Other assets						0						203,493						0						203,493						203,493
Total assets						$	495,516					$	827,453					$	11,431,878					$	12,754,847					$	12,981,064
Liabilities:
Policyholders’ account balances - investment contracts						$	0					$	815,520					$	9,995,841					$	10,811,361					$	10,826,931
Cash collateral for loaned securities						0						121,372						0						121,372						121,372
Reinsurance and funds withheld payables						0						2,602,140						0						2,602,140						2,602,140
Payables to parent and affiliates						0						38,571						0						38,571						38,571
Other liabilities						0						849,278						31,606						880,884						880,884
Total liabilities						$	0					$	4,426,881					$	10,027,447					$	14,454,328					$	14,469,898

(1)Carrying values presented herein differ from those in the Company’s Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

The fair values presented above have been determined by using available market information and by applying market valuation methodologies, as described in more detail below.

Commercial Mortgage and Other Loans

The fair value of most commercial mortgage loans is based upon the present value of the expected future cash flows discounted at the appropriate U.S. Treasury rate or foreign government bond rate (for non-U.S. dollar-denominated loans) plus an appropriate credit spread for loans of similar quality, average life and currency. The quality ratings for these loans, a primary determinant of the credit spreads and a significant component of the pricing process, are based on an internally-developed methodology. Certain commercial mortgage loans are valued incorporating other factors, including the terms of the loans, the relative strength of the underlying collateral, the principal exit strategies for the loans, prevailing interest rates and credit risk.

Policy Loans

The Company's valuation technique for policy loans is to discount cash flows at the current policy loan coupon rate. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Short-Term Investments, Cash and Cash Equivalents, Accrued Investment Income, Receivables from Parent and Affiliates and Other Assets

The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. These assets include: certain short-term investments, which are not securities, recorded at amortized cost, cash and cash equivalent instruments; accrued investment income; receivables from parent and affiliates; and other assets that meet the definition of financial instruments, including receivables such as unsettled trades and accounts receivable.

Reinsurance Recoverables and Deposit Receivables

Reinsurance recoverables and deposit receivables include receivables from modified coinsurance arrangements and other reinsurance arrangements between the Company, its affiliates, and third-parties. See Note 12 for additional information about the Company's reinsurance arrangements. Deposit receivables primarily consist of deposit assets related to the reinsurance agreements. Deposits made are included in "Reinsurance recoverables and deposit receivables". The deposit assets are adjusted as amounts are paid, consistent with the underlying contracts.

Policyholders’ Account Balances - Investment Contracts

Only the portion of policyholders’ account balances related to products that are investment contracts (those without significant mortality or morbidity risk) are reflected in the table above. For fixed deferred annuities, payout annuities and other similar contracts without life contingencies, fair values are generally derived using discounted projected cash flows based on interest rates that are representative of the Company’s financial strength ratings, and hence reflect the Company’s NPR. For those balances that can be withdrawn by the customer at any time without prior notice or penalty, the fair value is the amount estimated to be payable to the customer as of the reporting date, which is generally the carrying value.

Cash Collateral for Loaned Securities

Cash collateral for loaned securities represents the collateral received or paid in connection with loaning or borrowing securities. Due to the short-term nature of these transactions, the carrying value approximates fair value.

Reinsurance and Funds Withheld Payables

Reinsurance and funds withheld payables include amounts payable to the reinsurer under coinsurance with funds withheld arrangements where the Company is the cedant. Deposits received are included in "Reinsurance and funds withheld payables". The deposit liabilities are adjusted as amounts are received, consistent with the underlying contracts.

Payables to Parent and Affiliates

Payables to parent and affiliates is primarily related to accrued expense payables. Due to the short-term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.

Other Liabilities

Other liabilities are primarily payables, such as unsettled trades, drafts, and escrow deposits. Due to the short-term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

7. DEFERRED POLICY ACQUISITION COSTS, DEFERRED REINSURANCE AND DEFERRED SALES INDUCEMENTS

Deferred Policy Acquisition Costs

The following table shows a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance: 

						Fixed Annuities						Variable Annuities						Term Life						Variable / Universal Life						Total
						(in thousands)
Balance, December 31, 2022						$	102,251					$	3,759,819					$	648,837					$	2,445,290					$	6,956,197
Capitalization						117,851						263,869						159,000						580,715						1,121,435
Amortization expense						(22,165)						(331,368)						(63,949)						(122,028)						(539,510)
Other(1)						0						(393,385)						0						(1)						(393,386)
Balance, December 31, 2023						197,937						3,298,935						743,888						2,903,976						7,144,736
Capitalization						216,410						430,520						183,463						703,465						1,533,858
Amortization expense						(42,705)						(356,254)						(63,447)						(140,951)						(603,357)
Other(2)(3)						0						0						(249,836)						(18,341)						(268,177)
Balance, December 31, 2024						371,642						3,373,201						614,068						3,448,149						7,807,060
Capitalization						185,807						387,360						184,695						735,656						1,493,518
Amortization expense						(59,503)						(403,516)						(48,252)						(152,256)						(663,527)
Other						(1,235)						16,937						(637)						3,067						18,132
Balance, December 31, 2025						$	496,711					$	3,373,982					$	749,874					$	4,034,616					$	8,655,183

(1)    Includes the impact of the reinsurance agreement with AuguStar. See Note 12 for additional information.

(2)    Includes the impacts of the Universal Life reinsurance transaction with PAR U and PURE. See Note 12 for additional information.

(3)    Includes the impacts of the Term Life reinsurance transaction with PARCC. See Note 12 for additional information.

Deferred Reinsurance Losses

The following table shows a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

			Variable Annuities						Term Life						Variable / Universal Life						Total
			(in thousands)
Balance, December 31, 2022			$	223,515					$	69,378					$	0					$	292,893
Amortization			(29,403)						(8,374)						0						(37,777)
Other			(1)						0						0						(1)
Balance, December 31, 2023			194,111						61,004						0						255,115
Amortization			(29,876)						(15,345)						(9,528)						(54,749)
Other(1)(2)			3						351,025						979,000						1,330,028
Balance, December 31, 2024			164,238						396,684						969,472						1,530,394
Amortization			(29,685)						(36,797)						(37,800)						(104,282)
Other			4						0						0						4
Balance, December 31, 2025			$	134,557					$	359,887					$	931,672					$	1,426,116

(1)    Includes $979 million DRL related to the reinsurance transaction with Wilton Re. See Note 12 for additional information.

(2)    Includes $351 million DRL related to the reinsurance transaction with PARCC. See Note 12 for additional information.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Deferred Reinsurance Gains

The following table shows a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:

			Fixed Annuities						Variable Annuities						Variable / Universal Life						International						Total
			(in thousands)
Balance, December 31, 2022			$	57,898					$	0					$	1,434,958					$	0					$	1,492,856
Amortization			(9,790)						(15,612)						(71,462)						0						(96,864)
Other(1)			(34)						277,333						0						0						277,299
Balance, December 31, 2023			48,074						261,721						1,363,496						0						1,673,291
Amortization			(10,516)						(20,061)						(121,190)						0						(151,767)
Other(2)(3)			(10)						(32)						1,797,303						0						1,797,261
Balance, December 31, 2024			37,548						241,628						3,039,609						0						3,318,785
Amortization			(9,303)						(19,298)						(120,590)						(726)						(149,917)
Other(4)			159						76						(1,396,768)						13,208						(1,383,325)
Balance, December 31, 2025			$	28,404					$	222,406					$	1,522,251					$	12,482					$	1,785,543

(1)    Includes the impact of the reinsurance agreement with AuguStar. See Note 12 for additional information.

(2)    Includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance effective January 1, 2024, including $1,207 million of DRG, partially offset by a $116 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 12 for additional information.

(3)    Includes the impact of the Universal Life reinsurance transaction with PAR U and Prudential Insurance effective October 2024, including $798 million DRG, partially offset by a $94 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 12 for additional information.

(4) Includes the impact of recognizing the previously existing DRG, attributable to the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.

Deferred Sales Inducements

The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

			Variable Annuities
			(in thousands)
Balance, December 31, 2022			$	381,504
Capitalization			1,514
Amortization expense			(31,625)
Other			31
Balance, December 31, 2023			351,424
Capitalization			1,243
Amortization expense			(30,316)
Balance, December 31, 2024			322,351
Capitalization			4,047
Amortization expense			(29,370)
Other			385
Balance, December 31, 2025			$	297,413

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

8. SEPARATE ACCOUNTS

The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities”. The liabilities related to the net amount at risk are reflected within "Future policy benefits" or "Market risk benefit liabilities" (or "assets", if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses)”.

Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

			December 31, 2025						December 31, 2024
			(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies			$	16,501					$	15,548
Obligations of U.S. states and their political subdivisions authorities			146						115
U.S. corporate securities			57,197						24,458
Foreign corporate securities			5,399						3,158
Asset-backed securities			0						1,099
Mortgage-backed securities			156						82
Mutual funds:
Equity			74,323,288						73,226,610
Fixed Income			30,602,384						33,828,097
Other			5,363,232						4,431,975
Equity securities			285,502						126,792
Other invested assets			7,916,554						6,444,077
Short-term investments			2,690						2,559
Cash and cash equivalents			36,169						38,686
Total			$	118,609,218					$	118,143,256

For the periods ended December 31, 2025, 2024, and 2023, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:

			Year Ended December 31, 2025
			Variable Annuities						Variable Life												Total
			(in thousands)
Balance, beginning of period			$	85,183,055					$	32,960,201											$	118,143,256
Deposits			554,841						4,087,138												4,641,979
Investment performance			9,669,502						4,751,811												14,421,313
Policy charges			(1,974,025)						(1,009,626)												(2,983,651)
Surrenders and withdrawals			(14,062,933)						(699,640)												(14,762,573)
Benefit payments			(81,959)						(357,630)												(439,589)
Net transfers (to) from general account			9,237						(551,221)												(541,984)
Other			5,986						124,481												130,467
Balance, end of period			$	79,303,704					$	39,305,514											$	118,609,218
Cash surrender value(1)			$	78,673,352					$	37,814,966											$	116,488,318

			Year Ended December 31, 2024
			Variable Annuities						Variable Life												Total
			(in thousands)
Balance, beginning of period			$	92,383,121					$	26,805,364											$	119,188,485
Deposits			601,236						3,513,738												4,114,974
Investment performance			8,395,586						4,657,022												13,052,608
Policy charges			(2,210,261)						(923,275)												(3,133,536)
Surrenders and withdrawals			(13,827,431)						(450,573)												(14,278,004)
Benefit payments			(66,029)						(285,680)												(351,709)
Net transfers (to) from general account			(100,193)						(380,869)												(481,062)
Other			7,026						24,474												31,500
Balance, end of period			$	85,183,055					$	32,960,201											$	118,143,256
Cash surrender value(1)			$	84,325,382					$	29,592,881											$	113,918,263

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2023
			Variable Annuities						Variable Life												Total
			(in thousands)
Balance, beginning of period			$	91,785,447					$	22,265,799											$	114,051,246
Deposits			440,707						2,745,751												3,186,458
Investment performance			12,219,777						4,310,729												16,530,506
Policy charges			(2,296,859)						(829,539)												(3,126,398)
Surrenders and withdrawals			(9,687,372)						(347,955)												(10,035,327)
Benefit payments			(73,791)						(226,242)												(300,033)
Net transfers (to) from general account(2)			(15,121)						(1,175,575)												(1,190,696)
Other			10,333						62,396												72,729
Balance, end of period			$	92,383,121					$	26,805,364											$	119,188,485
Cash surrender value(1)			$	91,201,190					$	23,700,726											$	114,901,916

(1) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

(2) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 16 for additional information.

9. LIABILITY FOR FUTURE POLICY BENEFITS

Liability for future policy benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit reserves;

•Deferred profit liability; and

•Additional insurance reserves

In 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for liability for future policy benefits. The impact was favorable for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in individual life insurance. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements for liability for future policy benefits. Overall impact is immaterial for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements for liability for future policy benefits. Overall impact is immaterial for direct and assumed benefit reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Benefit Reserves

The balances of and changes in benefit reserves as of and for the periods indicated consist of the three tables presented below: present value of expected net premiums rollforward, present value of expected future policy benefits rollforward, and net liability for future policy benefits.

			Year Ended December 31, 2025
			Present Value of Expected Net Premiums
			Term Life												Fixed Annuities												Total
			(in thousands)
Balance, beginning of period			$	10,414,703											$	0											$	10,414,703
Effect of cumulative changes in discount rate assumptions, beginning of period			567,443												0												567,443
Balance at original discount rate, beginning of period			10,982,146												0												10,982,146
Effect of assumption update			(207,935)												0												(207,935)
Effect of actual variances from expected experience and other activity			(165,564)												110												(165,454)
Adjusted balance, beginning of period			10,608,647												110												10,608,757
Issuances			785,281												48,472												833,753
Net premiums / considerations collected			(1,301,943)												(48,582)												(1,350,525)
Interest accrual			511,138												0												511,138
Other adjustments(1)			(226,656)												0												(226,656)
Balance at original discount rate, end of period			10,376,467												0												10,376,467
Effect of cumulative changes in discount rate assumptions, end of period			(292,273)												0												(292,273)
Balance, end of period			$	10,084,194											$	0											$	10,084,194

			Year Ended December 31, 2025
			Present Value of Expected Future Policy Benefits
			Term Life												Fixed Annuities												Total
			(in thousands)
Balance, beginning of period			$	17,689,399											$	238,086											$	17,927,485
Effect of cumulative changes in discount rate assumptions, beginning of period			1,091,673												19,442												1,111,115
Balance at original discount rate, beginning of period			18,781,072												257,528												19,038,600
Effect of assumption update			(332,969)												22												(332,947)
Effect of actual variances from expected experience and other activity			(224,159)												4,279												(219,880)
Adjusted balance, beginning of period			18,223,944												261,829												18,485,773
Issuances			785,281												48,472												833,753
Interest accrual			902,570												10,656												913,226
Benefit payments			(1,365,376)												(36,560)												(1,401,936)
Other adjustments(1)			60,282												(186)												60,096
Balance at original discount rate, end of period			18,606,701												284,211												18,890,912
Effect of cumulative changes in discount rate assumptions, end of period			(574,785)												(6,586)												(581,371)
Balance, end of period			$	18,031,916											$	277,625											$	18,309,541
Other, end of period																											1,447
Total balance, end of period																											$	18,310,988

(1)     Includes the impact of recognizing the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2025
			Net Liability for Future Policy Benefits (Benefit Reserves)
			Term Life						Fixed Annuities												Total
			(in thousands)
Balance, end of period, pre-flooring			$	7,947,722					$	277,625											$	8,225,347
Flooring impact, end of period			566						0												566
Balance, end of period, post-flooring			7,948,288						277,625												8,225,913
Less: Reinsurance recoverables			7,170,499						22,913												7,193,412
Balance after reinsurance recoverables, end of period, post-flooring			$	777,789					$	254,712											$	1,032,501

			Year Ended December 31, 2024
			Present Value of Expected Net Premiums
			Term Life						Fixed Annuities																		Total
			(in thousands)
Balance, beginning of period			$	10,927,833					$	0																	$	10,927,833
Effect of cumulative changes in discount rate assumptions, beginning of period			225,711						0																		225,711
Balance at original discount rate, beginning of period			11,153,544						0																		11,153,544
Effect of assumption update			21,466						0																		21,466
Effect of actual variances from expected experience and other activity			(219,878)						58																		(219,820)
Adjusted balance, beginning of period			10,955,132						58																		10,955,190
Issuances			827,606						35,717																		863,323
Net premiums / considerations collected			(1,319,501)						(35,775)																		(1,355,276)
Interest accrual			511,817						0																		511,817
Other adjustments			7,092						0																		7,092
Balance at original discount rate, end of period			10,982,146						0																		10,982,146
Effect of cumulative changes in discount rate assumptions, end of period			(567,443)						0																		(567,443)
Balance, end of period			$	10,414,703					$	0																	$	10,414,703

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2024
			Present Value of Expected Future Policy Benefits
			Term Life						Fixed Annuities																											Total
			(in thousands)
Balance, beginning of period			$	18,426,207					$	228,788																										$	18,654,995
Effect of cumulative changes in discount rate assumptions, beginning of period			331,571						19,521																											351,092
Balance at original discount rate, beginning of period			18,757,778						248,309																											19,006,087
Effect of assumption update			21,480						(3,643)																											17,837
Effect of actual variances from expected experience and other activity			(259,137)						502																											(258,635)
Adjusted balance, beginning of period			18,520,121						245,168																											18,765,289
Issuances			827,606						35,717																											863,323
Interest accrual			893,983						9,119																											903,102
Benefit payments			(1,471,863)						(32,225)																											(1,504,088)
Other adjustments			11,225						(251)																											10,974
Balance at original discount rate, end of period			18,781,072						257,528																											19,038,600
Effect of cumulative changes in discount rate assumptions, end of period			(1,091,673)						(19,442)																											(1,111,115)
Balance, end of period			$	17,689,399					$	238,086																										$	17,927,485
Other, end of period																																				1,474
Total balance, end of period																																				$	17,928,959

			Year Ended December 31, 2024
			Net Liability for Future Policy Benefits (Benefit Reserves)
			Term Life						Fixed Annuities																					Total
			(in thousands)
Balance, end of period, pre-flooring			$	7,274,696					$	238,086																				$	7,512,782
Flooring impact, end of period			44						0																					44
Balance, end of period, post-flooring			7,274,740						238,086																					7,512,826
Less: Reinsurance recoverables			6,753,842						20,516																					6,774,358
Balance after reinsurance recoverables, end of period, post-flooring			$	520,898					$	217,570																				$	738,468

			Year Ended December 31, 2023
			Present Value of Expected Net Premiums
			Term Life						Fixed Annuities																		Total
			(in thousands)
Balance, beginning of period			$	10,911,794					$	0																	$	10,911,794
Effect of cumulative changes in discount rate assumptions, beginning of period			554,896						0																		554,896
Balance at original discount rate, beginning of period			11,466,690						0																		11,466,690
Effect of assumption update			(790)						0																		(790)
Effect of actual variances from expected experience and other activity			(200,513)						(989)																		(201,502)
Adjusted balance, beginning of period			11,265,387						(989)																		11,264,398
Issuances			712,495						36,646																		749,141
Net premiums / considerations collected			(1,345,514)						(35,657)																		(1,381,171)
Interest accrual			521,176						0																		521,176
Balance at original discount rate, end of period			11,153,544						0																		11,153,544
Effect of cumulative changes in discount rate assumptions, end of period			(225,711)						0																		(225,711)
Balance, end of period			$	10,927,833					$	0																	$	10,927,833

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2023
			Present Value of Expected Future Policy Benefits
			Term Life						Fixed Annuities																											Total
			(in thousands)
Balance, beginning of period			$	17,835,251					$	204,727																										$	18,039,978
Effect of cumulative changes in discount rate assumptions, beginning of period			962,035						24,876																											986,911
Balance at original discount rate, beginning of period			18,797,286						229,603																											19,026,889
Effect of assumption update			(1,044)						0																											(1,044)
Effect of actual variances from expected experience and other activity			(263,243)						6,991																											(256,252)
Adjusted balance, beginning of period			18,532,999						236,594																											18,769,593
Issuances			712,495						36,646																											749,141
Interest accrual			895,023						8,440																											903,463
Benefit payments			(1,386,583)						(33,287)																											(1,419,870)
Other adjustments			3,844						(84)																											3,760
Balance at original discount rate, end of period			18,757,778						248,309																											19,006,087
Effect of cumulative changes in discount rate assumptions, end of period			(331,571)						(19,521)																											(351,092)
Balance, end of period			$	18,426,207					$	228,788																										$	18,654,995
Other, end of period																																				1,765
Total balance, end of period																																				$	18,656,760

			Year Ended December 31, 2023
			Net Liability for Future Policy Benefits (Benefit Reserves)
			Term Life						Fixed Annuities																					Total
			(in thousands)
Balance, end of period, pre-flooring			$	7,498,374					$	228,788																				$	7,727,162
Flooring impact, end of period			44						0																					44
Balance, end of period, post-flooring			7,498,418						228,788																					7,727,206
Less: Reinsurance recoverables			6,817,488						18,489																					6,835,977
Balance after reinsurance recoverables, end of period, post-flooring			$	680,930					$	210,299																				$	891,229

The following tables provide supplemental information related to the balances of and changes in benefit reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:

			Year Ended December 31, 2025
			Term Life									Fixed Annuities
			($ in thousands)
Undiscounted expected future gross premiums			$	22,036,916								$	0
Discounted expected future gross premiums (at original discount rate)			$	14,871,462								$	0
Discounted expected future gross premiums (at current discount rate)			$	14,532,537								$	0
Undiscounted expected future benefits and expenses			$	28,846,500								$	380,345
Weighted-average duration of the liability in years (at original discount rate)			9									6
Weighted-average duration of the liability in years (at current discount rate)			9									6
Weighted-average interest rate (at original discount rate)			5.10			%						4.20			%
Weighted-average interest rate (at current discount rate)			5.27			%						5.13			%

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2024
			Term Life									Fixed Annuities
			($ in thousands)
Undiscounted expected future gross premiums			$	21,815,010								$	0
Discounted expected future gross premiums (at original discount rate)			$	14,889,078								$	0
Discounted expected future gross premiums (at current discount rate)			$	14,154,658								$	0
Undiscounted expected future benefits and expenses			$	29,163,241								$	346,892
Weighted-average duration of the liability in years (at original discount rate)			10									7
Weighted-average duration of the liability in years (at current discount rate)			9									6
Weighted-average interest rate (at original discount rate)			5.13			%						3.94			%
Weighted-average interest rate (at current discount rate)			5.59			%						5.49			%

			Year Ended December 31, 2023
			Term Life									Fixed Annuities
			($ in thousands)
Undiscounted expected future gross premiums			$	21,871,767								$	0
Discounted expected future gross premiums (at original discount rate)			$	15,027,611								$	0
Discounted expected future gross premiums (at current discount rate)			$	14,748,999								$	0
Undiscounted expected future benefits and expenses			$	29,118,532								$	332,902
Weighted-average duration of the liability in years (at original discount rate)			10									7
Weighted-average duration of the liability in years (at current discount rate)			10									6
Weighted-average interest rate (at original discount rate)			5.17			%						3.70			%
Weighted-average interest rate (at current discount rate)			4.99			%						4.95			%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In 2025, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2023, there was a $31 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $30 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Deferred Profit Liability

The balances of and changes in DPL for the years ended December 31, are as follows:

									2025						2024						2023
									Fixed Annuities
									(in thousands)
Balance, beginning of period, post-flooring									$	22,939					$	14,818					$	18,193
Effect of assumption update									(21)						2,110						0
Effect of actual variances from expected experience and other activity									(2,280)						580						(6,978)
Adjusted balance, beginning of period									20,638						17,508						11,215
Profits deferred									4,826						7,070						5,191
Interest accrual									974						729						552
Amortization									(3,052)						(2,345)						(2,129)
Other adjustments									(12)						(23)						(11)
Balance, end of period, post-flooring									23,374						22,939						14,818
Less: Reinsurance recoverables									2,226						1,513						1,365
Balance after reinsurance recoverables, end of period									$	21,148					$	21,426					$	13,453

    

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed lifetime withdrawal benefit ("GLWB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life and annuity contracts.

The following table shows a rollforward of AIR balances for variable and universal life and fixed annuities products, for the periods indicated, along with a reconciliation to the Company's total AIR balance:

			Year Ended December 31, 2025
			Variable / Universal Life						Fixed Annuities						Total
			(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring			$	16,351,052					$	0					$	16,351,052
Flooring impact and amounts in AOCI			617,186						0						617,186
Balance, excluding amounts in AOCI, beginning of period, pre-flooring			16,968,238						0						16,968,238
Effect of assumption update			(41,977)						0						(41,977)
Effect of actual variances from expected experience and other activity			180,041						70,226						250,267
Adjusted balance, beginning of period			17,106,302						70,226						17,176,528
Assessments collected(1)			1,196,649						68,398						1,265,047
Interest accrual			593,950						2,262						596,212
Benefits paid			(377,813)						0						(377,813)
Other adjustments(2)			430,761						0						430,761
Balance, excluding amounts in AOCI, end of period, pre-flooring			18,949,849						140,886						19,090,735
Flooring impact and amounts in AOCI			(430,105)						(2,011)						(432,116)
Balance, including amounts in AOCI, end of period, post-flooring			18,519,744						138,875						18,658,619
Less: Reinsurance recoverables			18,257,481						0						18,257,481
Balance after reinsurance recoverables, including amounts in AOCI, end of period			$	262,263					$	138,875					401,138
Other															7,391
Total balance after reinsurance recoverables															$	408,529

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2024
			Variable / Universal Life						Fixed Annuities						Total
			(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring			$	14,280,792					$	0					$	14,280,792
Flooring impact and amounts in AOCI			831,583						0						831,583
Balance, excluding amounts in AOCI, beginning of period, pre-flooring			15,112,375						0						15,112,375
Effect of assumption update			154,058						0						154,058
Effect of actual variances from expected experience and other activity			265,684						0						265,684
Adjusted balance, beginning of period			15,532,117						0						15,532,117
Assessments collected(1)			1,242,684						0						1,242,684
Interest accrual			536,678						0						536,678
Benefits paid			(343,241)						0						(343,241)
Balance, excluding amounts in AOCI, end of period, pre-flooring			16,968,238						0						16,968,238
Flooring impact and amounts in AOCI			(617,186)						0						(617,186)
Balance, including amounts in AOCI, end of period, post-flooring			16,351,052						0						16,351,052
Less: Reinsurance recoverables			16,129,846						0						16,129,846
Balance after reinsurance recoverables, including amounts in AOCI, end of period			$	221,206					$	0					221,206
Other															0
Total balance after reinsurance recoverables															$	221,206

			Year Ended December 31, 2023
			Variable / Universal Life						Fixed Annuities						Total
			(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring			$	12,664,445					$	0					$	12,664,445
Flooring impact and amounts in AOCI			1,269,236						0						1,269,236
Balance, excluding amounts in AOCI, beginning of period, pre-flooring			13,933,681						0						13,933,681
Effect of assumption update			22,910						0						22,910
Effect of actual variances from expected experience and other activity			34,021						0						34,021
Adjusted balance, beginning of period			13,990,612						0						13,990,612
Assessments collected(1)			929,709						0						929,709
Interest accrual			486,253						0						486,253
Benefits paid			(294,199)						0						(294,199)
Balance, excluding amounts in AOCI, end of period, pre-flooring			15,112,375						0						15,112,375
Flooring impact and amounts in AOCI			(831,583)						0						(831,583)
Balance, including amounts in AOCI, end of period, post-flooring			14,280,792						0						14,280,792
Less: Reinsurance recoverables			14,054,600						0						14,054,600
Balance after reinsurance recoverables, including amounts in AOCI, end of period			$	226,192					$	0					226,192
Other															0
Total balance after reinsurance recoverables															$	226,192

(1)     Represents the portion of gross assessments required to fund the future policy benefits.

(2)     Includes the impact of recognizing the recapture of certain YRT transactions from Prudential Insurance effective October 1, 2025. See Note 12 for additional information.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

						Year Ended December 31, 2025
						Variable / Universal Life						Fixed Annuities
Weighted-average duration of the liability in years (at original discount rate)						21						21
Weighted-average interest rate (at original discount rate)						3.34		%				2.71		%

Year Ended December 31, 2024

Variable / Universal Life

Fixed Annuities

Weighted-average duration of the liability in years (at original discount rate)

22

N/A

Weighted-average interest rate (at original discount rate)

3.33

%

N/A

Year Ended December 31, 2023

Variable / Universal Life

Fixed Annuities

Weighted-average duration of the liability in years (at original discount rate)

22

N/A

Weighted-average interest rate (at original discount rate)

3.39

%

N/A

Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, benefit reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for future policy benefits as reported on the Company's Consolidated Statements of Financial Position for the years ended December 31,:

																																	2025						2024						2023
																																	(in thousands)
Benefit reserves, end of period, post-flooring																																	$	8,225,913					$	7,512,826					$	7,727,206
Deferred profit liability, end of period, post-flooring																																	23,374						22,939						14,818
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring																																	18,658,619						16,351,052						14,280,792
Subtotal of amounts disclosed above																																	26,907,906						23,886,817						22,022,816
Other Future policy benefits reserves(1)																																	1,322,192						1,226,950						1,182,389
Total Future policy benefits																																	$	28,230,098					$	25,113,767					$	23,205,205

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

Revenue and Interest Expense

The following tables present revenue and interest expense related to benefit reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

			Year Ended December 31, 2025
			Revenues(1)
			Term Life						Variable / Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	1,815,456					$	0											$	48,938											$	1,864,394
Deferred profit liability			0						0												(436)												(436)
Additional insurance reserves			0						1,765,102												43,484												1,808,586
Total			$	1,815,456					$	1,765,102											$	91,986											$	3,672,544

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2024
			Revenues(1)
			Term Life						Variable / Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	1,833,017					$	0											$	43,092											$	1,876,109
Deferred profit liability			0						0												(8,121)												(8,121)
Additional insurance reserves			0						2,050,441												0												2,050,441
Total			$	1,833,017					$	2,050,441											$	34,971											$	3,918,429

			Year Ended December 31, 2023
			Revenues(1)
			Term Life						Variable / Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	1,804,955					$	0											$	41,111											$	1,846,066
Deferred profit liability			0						0												3,375												3,375
Additional insurance reserves			0						1,405,696												0												1,405,696
Total			$	1,804,955					$	1,405,696											$	44,486											$	3,255,137

(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2025
			Interest Expense
			Term Life						Variable / Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	391,432					$	0											$	10,656											$	402,088
Deferred profit liability			0						0												974												974
Additional insurance reserves			0						593,950												2,261												596,211
Total			$	391,432					$	593,950											$	13,891											$	999,273

			Year Ended December 31, 2024
			Interest Expense
			Term Life						Variable / Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	382,165					$	0											$	9,119											$	391,284
Deferred profit liability			0						0												729												729
Additional insurance reserves			0						536,678												0												536,678
Total			$	382,165					$	536,678											$	9,848											$	928,691

			Year Ended December 31, 2023
			Interest Expense
			Term Life						Variable / Universal Life												Fixed Annuities												Total
			(in thousands)
Benefit reserves			$	373,845					$	0											$	8,440											$	382,285
Deferred profit liability			0						0												552												552
Additional insurance reserves			0						486,253												0												486,253
Total			$	373,845					$	486,253											$	8,992											$	869,090

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

10. POLICYHOLDERS' ACCOUNT BALANCES

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

			Year Ended December 31, 2025
			Fixed Annuities									Variable Annuities									Variable / Universal Life									Total
			($ in thousands)
Balance, beginning of period			$	11,197,337								$	33,217,331								$	20,691,139								$	65,105,807
Deposits			5,877,276									7,229,457									2,464,812									15,571,545
Interest credited			371,237									700,947									405,205									1,477,389
Policy charges			(53,687)									(74,755)									(1,852,624)									(1,981,066)
Surrenders and withdrawals			(932,262)									(1,129,264)									(1,085,963)									(3,147,489)
Benefit payments			(112,631)									(23,656)									(112,991)									(249,278)
Net transfers (to) from separate account			0									(9,237)									551,221									541,984
Change in market value and other adjustments(1)			266,360									3,301,161									530,988									4,098,509
Balance, end of period			$	16,613,630								$	43,211,984								$	21,591,787								$	81,417,401
Unearned revenue reserve																														5,064,778
Other																														110,786
Total Policyholders' account balance																														$	86,592,965
Weighted-average crediting rate			2.67			%						1.83			%						1.92			%						2.02			%
Net amount at risk(3)			$	1								$	0								$	366,953,069								$	366,953,070
Cash surrender value(4)			$	15,072,015								$	41,954,173								$	17,937,783								$	74,963,971

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2024
			Fixed Annuities									Variable Annuities									Variable / Universal Life									Total
			($ in thousands)
Balance, beginning of period			$	6,164,313								$	22,810,665								$	20,167,713								$	49,142,691
Deposits			5,215,817									8,315,212									2,157,575									15,688,604
Interest credited			222,516									516,018									570,988									1,309,522
Policy charges			(5,290)									(32,987)									(1,831,168)									(1,869,445)
Surrenders and withdrawals			(554,653)									(782,216)									(778,928)									(2,115,797)
Benefit payments			(55,956)									(30,427)									(70,363)									(156,746)
Net transfers (to) from separate account			0									100,193									380,869									481,062
Change in market value and other adjustments(1)			210,590									2,320,873									94,453									2,625,916
Balance, end of period			$	11,197,337								$	33,217,331								$	20,691,139								$	65,105,807
Unearned revenue reserve																														4,415,187
Other																														107,324
Total Policyholders' account balance																														$	69,628,318
Weighted-average crediting rate			2.56			%						1.72			%						2.79			%						2.23			%
Net amount at risk(3)			$	11								$	0								$	345,969,571								$	345,969,582
Cash surrender value(4)			$	9,863,990								$	31,516,776								$	19,391,617								$	60,772,383

			Year Ended December 31, 2023
			Fixed Annuities									Variable Annuities									Variable / Universal Life									Total
			($ in thousands)
Balance, beginning of period			$	3,575,823								$	16,432,032								$	18,736,365								$	38,744,220
Deposits			2,612,775									4,633,727									2,117,153									9,363,655
Interest credited			101,192									243,908									556,057									901,157
Policy charges			(8,438)									(23,368)									(1,810,644)									(1,842,450)
Surrenders and withdrawals			(229,843)									(516,039)									(845,436)									(1,591,318)
Benefit payments			(50,522)									(30,461)									(83,409)									(164,392)
Net transfers (to) from separate account(2)			0									15,121									1,175,575									1,190,696
Change in market value and other adjustments(1)			163,326									2,055,745									322,052									2,541,123
Balance, end of period			$	6,164,313								$	22,810,665								$	20,167,713								$	49,142,691
Unearned revenue reserve																														3,741,426
Other																														102,583
Total Policyholders' account balance																														$	52,986,700
Weighted-average crediting rate			2.08			%						1.40			%						2.86			%						2.12			%
Net amount at risk(3)			$	15								$	0								$	323,508,432								$	323,508,447
Cash surrender value(4)			$	5,307,537								$	20,490,433								$	18,676,852								$	44,474,822

(1)    Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.

(2)    Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 16 for additional information.

(3)    The net amount at risk calculation includes both general and separate account balances.

(4)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

122

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points ("bps"), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

						December 31, 2025
Range of Guaranteed Minimum Crediting Rate(1)						At guaranteed minimum						1 - 50 bps above guaranteed minimum						51 - 150 bps above guaranteed minimum						Greater than 150 bps above guaranteed minimum						Total
						(in thousands)
Fixed Annuities
Less than 1.00%						$	2,772					$	6,838					$	28,283					$	1,743,492					$	1,781,385
1.00% - 1.99%						368,546						43,071						167,833						45,496						624,946
2.00% - 2.99%						348,806						1,458,294						542,957						14,829						2,364,886
3.00% - 4.00%						2,861,951						5,504						11,468						2,627						2,881,550
Greater than 4.00%						0						0						0						0						0
Total						$	3,582,075					$	1,513,707					$	750,541					$	1,806,444					$	7,652,767
Variable Annuities
Less than 1.00%						$	421,525					$	119,969					$	331,807					$	124					$	873,425
1.00% - 1.99%						79,576						431,936						494						0						512,006
2.00% - 2.99%						15,586						6,251						3,931						0						25,768
3.00% - 4.00%						709,665						0						0						0						709,665
Greater than 4.00%						1,262						0						0						0						1,262
Total						$	1,227,614					$	558,156					$	336,232					$	124					$	2,122,126
Variable / Universal Life
Less than 1.00%						$	0					$	0					$	0					$	210,112					$	210,112
1.00% - 1.99%						387,035						0						1,863,091						1,746,631						3,996,757
2.00% - 2.99%						37,107						1,601,067						2,681,677						538,040						4,857,891
3.00% - 4.00%						3,631,946						1,696,557						1,105,320						0						6,433,823
Greater than 4.00%						2,044,665						0						0						0						2,044,665
Total						$	6,100,753					$	3,297,624					$	5,650,088					$	2,494,783					$	17,543,248

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

						December 31, 2024
Range of Guaranteed Minimum Crediting Rate(1)						At guaranteed minimum						1 - 50 bps above guaranteed minimum						51 - 150 bps above guaranteed minimum						Greater than 150 bps above guaranteed minimum						Total
						(in thousands)
Fixed Annuities
Less than 1.00%						$	249					$	3,103					$	11,939					$	1,021,834					$	1,037,125
1.00% - 1.99%						430,477						62,519						172,877						68,973						734,846
2.00% - 2.99%						302,520						459,748						557,349						15,794						1,335,411
3.00% - 4.00%						1,894,646						6,114						10,896						3,219						1,914,875
Greater than 4.00%						0						0						0						0						0
Total						$	2,627,892					$	531,484					$	753,061					$	1,109,820					$	5,022,257
Variable Annuities
Less than 1.00%						$	128,748					$	502,988					$	647,480					$	182					$	1,279,398
1.00% - 1.99%						121,336						294,635						2,494						0						418,465
2.00% - 2.99%						17,039						3,829						4,162						0						25,030
3.00% - 4.00%						819,316						1,860						0						0						821,176
Greater than 4.00%						1,978						0						0						0						1,978
Total						$	1,088,417					$	803,312					$	654,136					$	182					$	2,546,047
Variable / Universal Life
Less than 1.00%						$	3,167					$	0					$	0					$	177,213					$	180,380
1.00% - 1.99%						289,677						0						1,849,854						1,513,273						3,652,804
2.00% - 2.99%						30,500						1,535,762						2,695,823						390,117						4,652,202
3.00% - 4.00%						4,149,638						1,716,374						1,082,026						0						6,948,038
Greater than 4.00%						2,095,235						0						0						0						2,095,235
Total						$	6,568,217					$	3,252,136					$	5,627,703					$	2,080,603					$	17,528,659

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

						December 31, 2023
Range of Guaranteed Minimum Crediting Rate(1)						At guaranteed minimum						1 - 50 bps above guaranteed minimum						51 - 150 bps above guaranteed minimum						Greater than 150 bps above guaranteed minimum						Total
						(in thousands)
Fixed Annuities
Less than 1.00%						$	105					$	337					$	994					$	117,377					$	118,813
1.00% - 1.99%						487,191						73,393						234,487						79,713						874,784
2.00% - 2.99%						301,132						469,276						562,347						16,881						1,349,636
3.00% - 4.00%						29,131						0						0						0						29,131
Greater than 4.00%						0						0						0						0						0
Total						$	817,559					$	543,006					$	797,828					$	213,971					$	2,372,364
Variable Annuities
Less than 1.00%						$	908,097					$	807,460					$	18,083					$	2					$	1,733,642
1.00% - 1.99%						214,377						2,061						1,060						0						217,498
2.00% - 2.99%						23,323						4,071						4,135						0						31,529
3.00% - 4.00%						903,953						9,245						33						0						913,231
Greater than 4.00%						2,046						0						0						0						2,046
Total						$	2,051,796					$	822,837					$	23,311					$	2					$	2,897,946
Variable / Universal Life
Less than 1.00%						$	0					$	0					$	0					$	196,692					$	196,692
1.00% - 1.99%						201,121						0						2,588,458						528,155						3,317,734
2.00% - 2.99%						28,061						1,445,439						2,789,520						260,651						4,523,671
3.00% - 4.00%						3,956,631						2,217,133						1,107,726						0						7,281,490
Greater than 4.00%						2,136,137						0						0						0						2,136,137
Total						$	6,321,950					$	3,662,572					$	6,485,704					$	985,498					$	17,455,724

(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

Unearned Revenue Reserve

The balances of and changes in URR as of and for the periods ended are as follows:

			Years Ended December 31,
			2025						2024						2023
			Variable / Universal Life
			(in thousands)
Balance, beginning of period			$	4,415,187					$	3,741,426					$	3,067,336
Unearned revenue			853,071						859,231						827,960
Amortization expense			(203,506)						(185,468)						(153,779)
Other adjustments			26						(2)						(91)
Balance, end of period			$	5,064,778					$	4,415,187					$	3,741,426

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

11. MARKET RISK BENEFITS

The following tables show a rollforward of MRB balances for variable and fixed annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:

			Year Ended December 31, 2025
			Variable Annuities						Fixed Annuities						Less: Reinsured Market Risk Benefits						Total, Net of Reinsurance
			(in thousands)
Balance, beginning of period			$	2,488,463					$	0					$	(844,582)					$	1,643,881
Effect of cumulative changes in non-performance risk			626,845						0						0						626,845
Balance, beginning of period, before effect of changes in non-performance risk			3,115,308						0						(844,582)						2,270,726
Attributed fees collected			1,008,519						19,936						(232,779)						795,676
Claims paid			(53,926)						0						5,400						(48,526)
Interest accrual			168,951						4,611						(50,303)						123,259
Actual in force different from expected			63,484						(1,554)						(19,029)						42,901
Effect of changes in interest rates			(267,183)						(34,582)						79,628						(222,137)
Effect of changes in equity markets			(1,128,930)						(12,609)						118,797						(1,022,742)
Effect of assumption update and other refinements			120,191						151,000						(23,026)						248,165
Issuances			57,950						28,494						(6,074)						80,370
Other adjustments			29,602						11,615						(22,568)						18,649
Effect of changes in current period counterparty non-performance risk			0						0						(18,039)						(18,039)
Balance, end of period, before effect of changes in non-performance risk			3,113,966						166,911						(1,012,575)						2,268,302
Effect of cumulative changes in non-performance risk			(451,282)						9,531						0						(441,751)
Balance, end of period			$	2,662,684					$	176,442					$	(1,012,575)					$	1,826,551

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2024
			Variable Annuities						Fixed Annuities						Less: Reinsured Market Risk Benefits						Total, Net of Reinsurance
			(in thousands)
Balance, beginning of period			$	3,707,407					$	0					$	(917,792)					$	2,789,615
Effect of cumulative changes in non-performance risk			1,067,983						0						0						1,067,983
Balance, beginning of period, before effect of changes in non-performance risk			4,775,390						0						(917,792)						3,857,598
Attributed fees collected			1,095,139						0						(259,099)						836,040
Claims paid			(57,083)						0						5,669						(51,414)
Interest accrual			226,734						0						(56,043)						170,691
Actual in force different from expected			49,864						0						(21,062)						28,802
Effect of changes in interest rates			(1,436,230)						0						277,354						(1,158,876)
Effect of changes in equity markets			(1,660,907)						0						177,329						(1,483,578)
Effect of assumption update and other refinements(1)			82,619						0						3,984						86,603
Issuances			70,965						0						(5,019)						65,946
Other adjustments(1)			(31,183)						0						11,566						(19,617)
Effect of changes in current period counterparty non-performance risk			0						0						(61,469)						(61,469)
Balance, end of period, before effect of changes in non-performance risk			3,115,308						0						(844,582)						2,270,726
Effect of cumulative changes in non-performance risk			(626,845)						0						0						(626,845)
Balance, end of period			$	2,488,463					$	0					$	(844,582)					$	1,643,881

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			Year Ended December 31, 2023
			Variable Annuities						Fixed Annuities						Less: Reinsured Market Risk Benefits						Total, Net of Reinsurance
			(in thousands)
Balance, beginning of period			$	4,550,625					$	0					$	(422,261)					$	4,128,364
Effect of cumulative changes in non-performance risk			1,727,910						0						0						1,727,910
Balance, beginning of period, before effect of changes in non-performance risk			6,278,535						0						(422,261)						5,856,274
Attributed fees collected			1,158,879						0						(246,747)						912,132
Claims paid			(85,898)						0						9,952						(75,946)
Interest accrual			293,205						0						(53,016)						240,189
Actual in force different from expected			79,030						0						(13,338)						65,692
Effect of changes in interest rates			(1,438,873)						0						455,062						(983,811)
Effect of changes in equity markets			(1,845,207)						0						180,953						(1,664,254)
Effect of assumption update and other refinements(1)			235,543						0						(54,067)						181,476
Issuances			29,433						0						7,680						37,113
Other adjustments(1)(2)			70,743						0						(635,011)						(564,268)
Effect of changes in current period counterparty non-performance risk			0						0						(146,999)						(146,999)
Balance, end of period, before effect of changes in non-performance risk			4,775,390						0						(917,792)						3,857,598
Effect of cumulative changes in non-performance risk			(1,067,983)						0						0						(1,067,983)
Balance, end of period			$	3,707,407					$	0					$	(917,792)					$	2,789,615

(1)     Prior period amounts have been updated to conform to current presentation.

(2) Other adjustments for December 31, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 12 for additional information.

    

In 2025, 2024, and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions.

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following tables present accompanying information to the rollforward table above.

			December 31, 2025
			Variable Annuities						Fixed Annuities
			($ in thousands)
Net amount at risk(1)			$	7,619,998					$	513,514
Weighted-average attained age of contractholders			72						68

			December 31, 2024
			Variable Annuities						Fixed Annuities
			($ in thousands)
Net amount at risk(1)			$	8,722,499					N/A
Weighted-average attained age of contractholders			71						N/A

			December 31, 2023
			Variable Annuities						Fixed Annuities
			($ in thousands)
Net amount at risk(1)			$	9,041,651					N/A
Weighted-average attained age of contractholders			70						N/A

(1)     For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconciles MRB asset and liability positions as of the following dates:

			December 31, 2025
			Variable Annuities						Fixed Annuities						Total
			(in thousands)
Direct and assumed			$	1,373,383					$	2,890					$	1,376,273
Ceded			1,279,593						0						1,279,593
Total market risk benefit assets			$	2,652,976					$	2,890					$	2,655,866
Direct and assumed			$	4,036,066					$	179,332					$	4,215,398
Ceded			267,019						0						267,019
Total market risk benefit liabilities			$	4,303,085					$	179,332					$	4,482,417
Net liability			$	1,650,109					$	176,442					$	1,826,551

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			December 31, 2024
			Variable Annuities						Fixed Annuities						Total
			(in thousands)
Direct and assumed			$	1,492,186					$	0					$	1,492,186
Ceded			1,145,177						0						1,145,177
Total market risk benefit assets			$	2,637,363					$	0					$	2,637,363
Direct and assumed			$	3,980,650					$	0					$	3,980,650
Ceded			300,594						0						300,594
Total market risk benefit liabilities			$	4,281,244					$	0					$	4,281,244
Net liability			$	1,643,881					$	0					$	1,643,881

			December 31, 2023
			Variable Annuities						Fixed Annuities						Total
			(in thousands)
Direct and assumed			$	1,201,945					$	0					$	1,201,945
Ceded			1,165,298						0						1,165,298
Total market risk benefit assets			$	2,367,243					$	0					$	2,367,243
Direct and assumed			$	4,909,352					$	0					$	4,909,352
Ceded			247,506						0						247,506
Total market risk benefit liabilities			$	5,156,858					$	0					$	5,156,858
Net liability			$	2,789,615					$	0					$	2,789,615

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

12. REINSURANCE

The Company participates in reinsurance with its affiliates Prudential Arizona Reinsurance Captive Company (“PARCC”), PAR U, PURE, Lotus Reinsurance Company Ltd. (“Lotus Re”), The Prudential Life Insurance Company, Ltd. (“Prudential of Japan”), prior to January 1, 2024 with its affiliates Prudential Universal Reinsurance Company (“PURC”) and Gibraltar Universal Life Reinsurance Company (“GUL Re”), and prior to October 1, 2024 with its affiliates Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Term Reinsurance Company (“Term Re”) and Dryden Arizona Reinsurance Term Company (“DART”). The Company also participates in reinsurance with its parent company Prudential Insurance, as well as third-parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily YRT and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.

Effective October 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, “Wilton Re”) to coinsure a closed block of guaranteed universal life (“GUL”) policies, resulting in a DRL of $979 million. To effectuate this transaction the Company recaptured all risks associated with the subject GUL policies from PAR U and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $270 million pre-tax recapture gain and a $798 million DRG, respectively. The DRL and DRG are amortized into income over the remaining life of the reinsured policies. Effective October 1, 2025, the Company recaptured the YRT treaties with Prudential Insurance and subsequently established YRT reinsurance for the business with third-party reinsurers. The Company immediately recognized a $768 million gain from the recognition of the existing DRG from the previous YRT transaction with Prudential Insurance.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of GUL policies to PURE, a wholly-owned subsidiary of Prudential Insurance, with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U, PURC and GUL Re and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $990 million pre-tax recapture loss and a $1,207 million DRG, respectively. The DRG is amortized into income over the estimated remaining life of the reinsured policies. Effective October 1, 2025, the Company recaptured certain YRT treaties with Prudential Insurance and subsequently established YRT reinsurance for the business with third-party reinsurers. The Company immediately recognized a $629 million gain from the recognition of the existing DRG from the previous YRT transaction with Prudential Insurance.

Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance are recorded within “Reinsurance recoverables and deposit receivables” and the corresponding funds withheld liability for assets retained under these reinsurance agreements are recorded within “Reinsurance and funds withheld payables”. Balances associated with these agreements are included in the tables below.

“Change in value of market risk benefits, net of related hedging gains (losses)” includes the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities within the PLNJ business to Prudential Insurance. These reinsurance agreements are MRBs and have been accounted for in the same manner.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:

			2025						2024
			(in thousands)
Reinsurance recoverables and deposit receivables			$	54,370,370					$	48,247,817
Policy loans			(1,174,371)						(1,143,726)
Deferred policy acquisition costs			(3,202,535)						(3,319,067)
Deferred sales inducements			(30,203)						(32,573)
Market risk benefit assets			1,280,120						1,145,580
Other assets			1,515,354						1,538,231
Policyholders’ account balances			5,124,249						5,567,661
Future policy benefits			8,984,370						7,443,997
Market risk benefit liabilities			267,981						302,310
Reinsurance and funds withheld payables			11,377,505						8,611,141
Other liabilities			1,780,787						3,282,713

Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:

			2025						2024
			(in thousands)
Policy loans			$	(50,877)					$	(48,644)
Deferred policy acquisition costs			(659,377)						(637,555)
Market risk benefit assets			927,836						804,015
Other assets			1,052,840						1,118,974
Policyholders’ account balances			1,499,098						1,665,998
Future policy benefits			(14,427)						160
Market risk benefit liabilities			124,638						151,432
Reinsurance and funds withheld payables			9,194,564						3,360,901
Other liabilities			251,136						257,929

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:

			2025						2024
			(in thousands)
Affiliated:
PAR U			$	11,617,403					$	11,426,975
PURE			8,192,212						7,951,965
PARCC			7,021,834						7,049,164
Lotus Re			3,380,675						2,130,095
Prudential Insurance			2,810,762						7,507,414
Prudential of Japan			13,237						0
Total affiliated			33,036,123						36,065,613
Unaffiliated:
Wilton Re			8,013,159						7,478,467
Somerset Re			2,490,716						2,581,977
FLIAC			1,351,271						1,395,008
Resolution Re			849,213						0
Prismic Re			327,763						0
Other(1)			8,302,125						726,752
Total unaffiliated			21,334,247						12,182,204
Total reinsurance recoverables and deposit receivables			$	54,370,370					$	48,247,817

(1) Four major reinsurance companies account for approximately 56% of Other as of December 31, 2025.

Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

			2025						2024						2023
			(in thousands)
Premiums:
Direct			$	1,874,352					$	1,846,109					$	1,853,184
Assumed			271,129						92						(61)
Ceded			(1,598,280)						(1,453,074)						(1,524,226)
Net premiums			$	547,201					$	393,127					$	328,897
Policy charges and fee income:
Direct			$	3,224,720					$	3,190,753					$	2,995,595
Assumed			808,083						899,767						604,311
Ceded			(2,325,465)						3,292,277						(2,063,300)
Net policy charges and fee income			$	1,707,338					$	7,382,797					$	1,536,606

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

			2025						2024						2023
			(in thousands)
Net investment income:
Direct			$	3,262,367					$	2,474,541					$	1,700,684
Assumed			1,294						1,325						1,364
Ceded			(53,139)						(53,849)						(26,526)
Net investment income(1)			$	3,210,522					$	2,422,017					$	1,675,522
Asset administration fees:
Direct			$	315,865					$	329,181					$	323,444
Ceded			(110,533)						(105,618)						(90,494)
Net asset administration fees			$	205,332					$	223,563					$	232,950
Other income (loss):
Direct			$	594,774					$	297,868					$	636,930
Assumed			752						2,983						(475)
Ceded			1,666,250						458,905						114,908
Net other income (loss)(1)			$	2,261,776					$	759,756					$	751,363
Realized investment gains (losses), net:
Direct			$	(1,207,587)					$	500,023					$	(1,203,453)
Assumed			46,559						85,248						162,291
Ceded			(269,397)						(133,854)						(105,937)
Realized investment gains (losses), net(1)			$	(1,430,425)					$	451,417					$	(1,147,099)
Change in value of market risk benefits, net of related hedging gains (losses):
Direct			$	(433,206)					$	(98,562)					$	287,936
Assumed			958						2,626						(4,115)
Ceded			(74,746)						(338,019)						(390,594)
Net change in value of market risk benefits, net of related hedging gains (losses)			$	(506,994)					$	(433,955)					$	(106,773)
Policyholders’ benefits (including change in reserves):
Direct			$	4,242,114					$	3,825,305					$	3,354,306
Assumed			1,310,907						1,058,315						1,258,651
Ceded			(4,773,299)						3,468,713						(4,109,168)
Net policyholders’ benefits (including change in reserves)(1)			$	779,722					$	8,352,333					$	503,789
Change in estimates of liability for future policy benefits:
Direct			$	(97,867)					$	303,141					$	(18,361)
Assumed			(39,222)						92,766						8,644
Ceded			57,584						(416,550)						13,669
Net change in estimates of liability for future policy benefits			$	(79,505)					$	(20,643)					$	3,952
Interest credited to policyholders’ account balances:
Direct			$	1,485,366					$	1,310,867					$	884,527
Assumed			130,432						153,052						136,725
Ceded			(438,138)						(426,188)						(399,607)
Net interest credited to policyholders’ account balances			$	1,177,660					$	1,037,731					$	621,645
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization			$	(388,473)					$	(1,398,843)					$	(403,517)

(1)Amounts include reinsurance agreements using the deposit method of accounting.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

			2025						2024						2023
			(in thousands)
Premiums:
Assumed			$	104					$	89					$	(69)
Ceded			(349,326)						(107,449)						(70,169)
Policy charges and fee income:
Assumed			1,379						1,381						1,563
Ceded			(5,208,556)						(191,368)						(143,764)
Net investment income(1):
Ceded			(1,668)						(1,659)						23,023
Asset administration fees:
Ceded			(25,093)						(28,354)						(22,415)
Other income (loss)(1):
Assumed			26						2,983						(475)
Ceded			168,056						142,267						44,260
Realized investment gains (losses), net(1):
Assumed			46,559						85,248						162,291
Ceded			(179,100)						(91,712)						(101,449)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed			958						2,626						(4,115)
Ceded			6,482						(124,816)						(186,996)
Policyholders' benefits (including change in reserves)(1):
Assumed			(14,561)						348						804
Ceded			(7,776,099)						(366,669)						(157,344)
Change in estimates of liability for future policy benefits:
Assumed			1,464						0						0
Ceded			(20,592)						96,014						(1,367)
Interest credited to policyholders' account balances:
Assumed			25,705						39,263						16,243
Ceded			(99,881)						(24,550)						0

(1)Amounts include reinsurance agreements using the deposit method of accounting.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

The gross and net amounts of life insurance face amount in force as of December 31, were as follows:

			2025						2024						2023
			(in thousands)
Direct gross life insurance face amount in force			$	1,590,247,115					$	1,181,531,932					$	1,127,561,798
Assumed gross life insurance face amount in force			40,086,143						34,530,341						35,558,423
Reinsurance ceded			(1,450,508,310)						(1,080,451,145)						(1,027,473,705)
Net life insurance face amount in force			$	179,824,948					$	135,611,128					$	135,646,516

Significant Affiliated Reinsurance Agreements

PAR U

Pruco Life reinsures 70% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2011.

Effective July 1, 2012, PLNJ reinsures 95% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.

On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U.

Effective January 1, 2024, Pruco Life recaptured the policies equal to 70% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2011. Effective January 1, 2024, Pruco Life reinsures 25% of the risks associated with universal life policies with effective dates prior to January 1, 2015 and 100% of the risks associated with universal life policies with effective dates beginning January 1, 2015.

Effective January 1, 2024, PLNJ recaptured the policies previously reinsured by PAR U with effective dates prior to January 1, 2015. Effective January 1, 2024, PLNJ reinsures 100% of the risks associated with universal life policies, with effective dates from January 1, 2015 to December 31, 2019.

Effective October 1, 2024, Pruco Life recaptured the remaining portion of the policies equal to 25% of the risks associated with universal life policies with effective dates prior to January 1, 2015 and 100% of the risks associated with universal life policies with effective dates beginning January 1, 2015. As a result of the recapture, the Company recognized a $270 million pre-tax recapture gain, as discussed above, which includes the recognition of a prior $94 million DRG related to the previous reinsurance agreement. Following the result of this recapture, Pruco Life only cedes the GUL business in connection with the Hartford Life Business to PAR U as of December 31, 2024.

Effective October 1, 2024, PLNJ recaptured 100% of the risks associated with the remaining universal life policies, with effective dates from January 1, 2015 to December 31, 2019. As a result of the recapture, the Company recognized a $29 million pre-tax recapture loss which is part of the $270 million pre-tax recapture gain discussed above. The loss includes the recognition of a prior $8 million DRG related to the previous reinsurance agreement. Following the result of this recapture, PLNJ no longer cedes to PAR U as of December 31, 2024.

On March 28, 2024, PURC and GUL Re merged into PAR U.

PURE

Effective January 1, 2024, Pruco Life reinsures 75% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2015.

Effective January 1, 2024, PLNJ reinsures 100% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2015.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

PURC

Pruco Life reinsures 70% of the risks associated with its Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates from January 1, 2011 through December 31, 2013, with PURC and 95% of the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain other universal life policies, with effective dates from January 1, 2014 through December 31, 2016.

Effective January 1, 2024, the Company recaptured the policies previously reinsured by PURC. As a result of the recapture, the Company recorded a write-off of $116 million of DRG that was recognized with the previous reinsurance agreement.

On March 28, 2024, PURC merged into PAR U.

PARCC

Prior to July 1, 2019, the Company reinsured 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 90% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.

Effective October 1, 2024, the Company revised the existing coinsurance terms with PARCC, increasing the quota share of reinsured policies to 100% which includes policies which were previously reinsured to PAR Term, Term Re and DART. As a result of the revised terms, the Company recognized a $351 million DRL that is amortized into income over the estimated remaining life of the reinsured policies.

On November 20, 2024, PAR Term, Term Re and DART merged into PARCC.

GUL Re

Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure 95% of the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain other universal life policies, with effective dates on or after January 1, 2017 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates prior to January 1, 2014.

Effective January 1, 2024, the Company recaptured the policies previously reinsured by GUL Re.

On March 28, 2024, GUL Re merged into PAR U.

PAR Term

Prior to July 1, 2019, the Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 95% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.

On November 20, 2024, PAR Term merged into PARCC.

Term Re

The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014 through December 31, 2017, through an automatic coinsurance agreement with Term Re.

On November 20, 2024, Term Re merged into PARCC.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Prudential Insurance

The Company has a YRT reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. This agreement was terminated for new business effective January 1, 2020, with certain new business (primarily universal life policies) terminated as early as 2017. The Company now reinsures a portion of the mortality risk directly to third-party reinsurers and retains all of the non-reinsured portion of the mortality risk. Effective July 1, 2019, certain term life insurance policies were recaptured and subsequently reinsured to PARCC and PAR Term as noted above. As of January 1, 2022, most of the variable life insurance policies were recaptured resulting in a $305 million loss recorded through “Policy charges and fee income”. Those policies were then reinsured to Lotus Re as mentioned below. Effective January 1, 2024, the Company recaptured all GUL policies with Prudential Insurance and subsequently entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk for the totality of GUL policies reinsured to PURE. Effective October 1, 2024, the Company recaptured the term business from Prudential Insurance, and revised the existing coinsurance terms with PARCC to reflect revised quota share. As a result of the recapture, the Company recognized a $3 million pre-tax recapture loss. Additionally, effective October 1, 2024, the Company entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk of recaptured GUL policies from PAR U.

Effective October 1, 2025, Prudential Insurance novated several unaffiliated YRT treaties to Pruco Life. To effectuate the novation of YRT treaties, Pruco Life entered into certain new YRT pass-through agreements with Prudential Insurance and recaptured certain YRT treaties it had ceded to Prudential Insurance, including those related to reinsurance transactions effective January 2024 and October 2024 with Somerset Re and Wilton Re, respectively.

On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Financial Services Group, Inc. (“Hartford Financial”). The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. In May 2018, Hartford Financial sold a group of operating subsidiaries, which includes two of Prudential Insurance's counterparties to these reinsurance arrangements. There was no impact to the terms, rights or obligations of Prudential Insurance, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. Similarly, there was no impact to the Company's reinsurance arrangements with respect to such GUL business as a result of this change in control. In January 2021, there was a definitive agreement announced to subsequently sell the two counterparties mentioned above, which were then acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties.

The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of payments due under the contract.

Effective April 1, 2016, PLNJ entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to Prudential Insurance. This reinsurance agreement covers new and in force business. Effective February 1, 2023, PLNJ began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.

Lotus Re

Effective October 1, 2021, the Company entered into an automatic coinsurance agreement with Lotus Re to reinsure $32 million of liabilities associated with the risks associated with a portion of its variable life policies in the extended term policy status.

Effective January 1, 2022 the Company recaptured the risks that were previously ceded to Lotus Re from October 1, 2021 through December 31, 2021. Immediately thereafter, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with a closed block of variable life business on a coinsurance and modified coinsurance basis including policies in the extended term policy status. The amount of the net liabilities associated with the transaction for coinsurance and modified coinsurance were $1,387 million and $14,037 million, respectively. As part of the consideration, the Company also ceded to Lotus Re $855 million of policy loan assets associated with the reinsured policies while receiving $820 million in cash from Lotus Re. As a result, the Company recorded a $1,352 million deferred gain, which is recognized over the remaining life of the underlying policies. In tandem with the transaction, effective January 1, 2022, Lotus Re established an automatic YRT agreement with the Company to cede back a portion of the mortality risks associated with the reinsured policies for the purposes of the Company maintaining YRT reinsurance with external counterparties.

Effective December 15, 2024, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with certain fixed rated annuities and fixed indexed annuities contracts issued on or after the effective date of the agreement on a coinsurance basis. The deposit receivables were $1,311 million and $52 million as of December 31, 2025 and December 31, 2024, respectively.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

DART

Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

On November 20, 2024, DART merged into PARCC.

Prudential of Japan

Effective January 2025, the Company entered into an agreement with Prudential of Japan to reinsure GMDB associated with yen-denominated variable whole life policies. As a result of this transaction, the Company assumed $5 million of GMDB liabilities and recognized a $14 million DRG at inception. The DRG is amortized into income over the estimated remaining life of the reinsured policies.

Significant Third-Party Reinsurance Arrangements

AuguStar Life Insurance Company (Formerly Known as The Ohio National Life Insurance Company)

Effective April 1, 2023, the Company entered into an agreement with AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. This block represents approximately 10% of the Company’s remaining legacy in force traditional variable annuity block by account value. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its PDI traditional variable annuity contracts. The general account liabilities associated with PDI's guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as MRBs. As a result of the transaction, the Company recognized a $277 million DRG at inception that is amortized into income over the estimated remaining life of the reinsured policies.

FLIAC

Effective December 1, 2021, the Company entered into a reinsurance agreement with Prudential Annuities Life Assurance Corporation (“PALAC”), a previously wholly-owned subsidiary of Prudential Financial sold in April 2022, and now known as FLIAC, under which the Company assumed all of FLIAC's indexed variable annuities under modified coinsurance. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to the Company. As a result of the agreement, “Reinsurance recoverables and deposit receivables” includes the assumed modified coinsurance receivable, which reflects the value of the invested assets retained by FLIAC and the associated asset returns. The Company also assumed via coinsurance all of FLIAC’s fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature which are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement. Reinsurance recoverables and deposit receivables were $1,351 million and $1,395 million as of December 31, 2025 and 2024, respectively.

Somerset Re

Effective October 1, 2021, the Company entered into a reinsurance agreement with Somerset Re to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. Under the reinsurance agreement, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit assets on reinsurance totaled $2,491 million and $2,582 million at December 31, 2025 and 2024, respectively. The funds withheld payables totaled $2,602 million and $2,434 million at December 31, 2025 and 2024, respectively.

Union Hamilton

Between April 1, 2015 and December 31, 2016, the Company, excluding its subsidiary, reinsured approximately 50% of the new business related to “highest daily” living benefits rider guarantees on HDI v.3.0 product, available with Prudential Premier® Retirement Variable Annuity, to Union Hamilton. This reinsurance remains in force for the duration of the underlying annuity contracts. New sales of HDI v.3.0 subsequent to December 31, 2016 are not covered by this external reinsurance agreement. As of December 31, 2025, $1.6 billion of HDI v.3.0 account values are reinsured to Union Hamilton.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Wilton Re

Effective October 1, 2024, the Company entered into a reinsurance agreement with Wilton Re to coinsure a closed block of GUL policies. Reinsurance recoverables were $8,013 million and $7,478 million as of December 31, 2025 and 2024, respectively.

Resolution Re

Effective July 1, 2025, the Company entered into a reinsurance agreement with Resolution Re, Ltd. ("Resolution Re") to cede risks associated with certain fixed rate annuity contracts and indexed annuity contracts issued on or after the effective date of the agreement on a quota share funds withheld basis. The deposit assets on reinsurance totaled $849 million at December 31, 2025. The funds withheld payables totaled $852 million at December 31, 2025.

Prismic Re

Effective October 1, 2025, the Company entered into a reinsurance agreement with Prismic Life Reinsurance, Ltd. (“Prismic Re”) to cede risks associated with certain fixed rate annuity contracts issued on or after the effective date of the agreement on a coinsurance and coinsurance with funds withheld basis. The deposit assets on reinsurance totaled $328 million at December 31, 2025. The funds withheld payables totaled $279 million at December 31, 2025.

13. INCOME TAXES

The following schedule discloses significant components of income tax expense (benefit) for each year presented:

						Years Ended December 31,
						2025						2024						2023
						(in thousands)
Current tax expense (benefit):
U.S. federal						$	292,713					$	151,544					$	698,170
State and local						4,088						5,763						14,550
Total						296,801						157,307						712,720
Deferred tax expense (benefit):
U.S. federal						123,717						(22,612)						(686,252)
State and local						65						454						0
Total						123,782						(22,158)						(686,252)
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures						420,583						135,149						26,468
Income tax expense (benefit) on equity in earnings of operating joint ventures						(70)						24						(109)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)						162,925						(151,234)						(5,638)
Total income tax expense (benefit)						$	583,438					$	(16,061)					$	20,721

Reconciliation of Expected Tax at Statutory Rates to Reported Income Tax Expense (Benefit)

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2025 and the reported income tax expense (benefit) are summarized as follows:

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

						Year Ended December 31, 2025
						($ in thousands)
Expected federal income tax expense/(benefit)						$	475,966					21.0		%
State taxes (net of federal benefit)						3,281						0.2		%
Tax credits						(23,245)						(1.0)		%
Nontaxable or nondeductible items						(36,341)						(1.6)		%
Other reconciling items						2,876						0.1		%
Foreign tax effects						(1,954)						(0.1)		%
Total						$	420,583					18.6		%

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024 and 2023, and the reported income tax expense (benefit) are summarized as follows:

						Years Ended December 31,
						2024									2023
						($ in thousands)
Expected federal income tax expense (benefit)						$	204,342								$	100,305
Non-taxable investment income						(42,621)									(42,730)
Tax credits						(29,001)									(42,578)
State taxes (net of federal benefit)						4,911									11,495
Other						(2,482)									(24)
Reported income tax expense (benefit)						$	135,149								$	26,468
Effective tax rate						13.9			%						5.5			%

The following is a description of items that had a significant impact on the difference between the Company’s statutory U.S. federal income tax rate of 21% applicable for 2025, 2024, and 2023, and the Company’s effective tax rate during the periods presented:

Non-Taxable Investment Income. The U.S. Dividends Received Deduction (“DRD”) reduces the amount of dividend income subject to U.S. tax and is included in the non-taxable investment income shown in the table above. More specifically, the U.S. DRD constitutes $35 million of the total $37 million of 2025 non-taxable investment income, $41 million of the total $43 million of 2024 non-taxable investment income, and $40 million of the total $43 million of 2023 non-taxable investment income. The DRD for the current period was estimated using information from 2024, current year investment results, and current year’s equity market performance. The actual current year DRD can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.

Tax Credits. These amounts primarily represent tax credits relating to foreign taxes withheld on the Company’s separate account investments.

State and Local Income Taxes. State income tax in Illinois represents the majority of the State and local income tax category. Note that in most jurisdictions, the Company’s insurance operations are subject to state premium taxes in lieu of state income taxes. Premium taxes are recorded as a general expense.

Other. This line item represents reconciling items that are individually less than 5% of the computed expected federal income tax expense (benefit) and have therefore been aggregated for purposes of this reconciliation in accordance with relevant disclosure guidance.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

						December 31,
						2025						2024
						(in thousands)
Deferred tax assets:
Insurance reserves						$	2,012,833					$	1,749,792
Investments						846,847						1,033,856
Net unrealized loss on securities						122,067						410,718
Other						0						5,647
Deferred tax assets						2,981,747						3,200,013
Deferred tax liabilities:
Deferred policy acquisition cost						1,298,694						1,227,858
Deferred sales inducements						61,449						66,686
Other						12,305						0
Deferred tax liabilities						1,372,448						1,294,544
Net deferred tax asset (liability)						$	1,609,299					$	1,905,469

The application of U.S. GAAP requires the Company to evaluate the recoverability of deferred tax assets and establish a valuation allowance if necessary to reduce the deferred tax asset to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) in which tax jurisdictions they were generated and the timing of their reversal; (4) taxable income in prior carryback years as well as projected taxable earnings exclusive of reversing temporary differences and carryforwards; (5) the length of time that carryovers can be utilized in the various taxing jurisdictions; (6) any unique tax rules that would impact the utilization of the deferred tax assets; and (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized.

Changes in market conditions, including the significant rise in interest rates since the beginning of 2022, resulted in the recording of deferred tax assets related to net unrealized tax capital losses in the Company. When assessing recoverability of these deferred tax assets, the Company considers its ability and intent to hold the underlying securities to recovery in value, if necessary, as well as other factors as noted above. As of December 31, 2025, based on all available evidence, including capital loss carryback capacity, the Company concluded that the deferred tax assets related to the unrealized tax capital losses on the available-for-sale securities portfolios are, more likely than not, expected to be realized.

The Company had no valuation allowance as of December 31, 2025, and 2024. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of deferred tax asset that is realizable.

The Company’s “Income (loss) from operations before income taxes and equity in earnings of operating joint venture” includes income from domestic operations of $2,267 million, $973 million and $478 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Income Taxes Paid

Income taxes paid during the year are disclosed in the table below and include tax installments made for the current year as well as tax payments and refunds related to prior periods.

						December 31,
						2025
						(in thousands)
Federal						$	194,863
State						170
Foreign						3,658
Total						$	198,691

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Tax Audit and Unrecognized Tax Benefits

The Company’s liability for income taxes includes the liability for unrecognized tax benefits and interest that relate to tax years still subject to review by the IRS or other taxing authorities. The completion of review or the expiration of the Federal statute of limitations for a given audit period could result in an adjustment to the liability for income taxes.

The Company had no unrecognized tax benefits as of December 31, 2025, 2024, and 2023.

The Company classifies all interest and penalties related to tax uncertainties as income tax expense (benefit). The Company did not recognize tax related interest and penalties.

At December 31, 2025, the Company remains subject to examination in the U.S. for tax years 2014 through 2025.

The Company participates in the IRS’s Compliance Assurance Program. Under this program, the IRS assigns an examination team to review completed transactions as they occur in order to reach agreement with the Company on how they should be reported in the relevant tax returns. If disagreements arise, accelerated resolutions programs are available to resolve the disagreements in a timely manner.

14. EQUITY

Accumulated Other Comprehensive Income (Loss)

AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Operations and Comprehensive Income (Loss). Net unrealized investment gains (losses) are described in further detail in Note 2, Note 9 (Interest rate remeasurement of future policy benefits) and Note 11 (Gain (loss) from changes in non-performance risk on market risk benefits). The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:

						Accumulated Other Comprehensive Income (Loss)
						Foreign Currency Translation Adjustment						Net Unrealized Investment Gains (Losses)(1)						Interest Rate Remeasurement of Future Policy Benefits						Gain (Loss) from Changes in Non-Performance Risk on Market Risk Benefits						Total Accumulated Other Comprehensive Income (Loss)
						(in thousands)
Balance, December 31, 2022						$	(20,007)					$	(1,474,475)					$	119,368					$	1,365,049					$	(10,065)
Change in OCI before reclassifications						2,419						677,735						(60,978)						(659,927)						(40,751)
Amounts reclassified from AOCI						0						14,217						0						0						14,217
Income tax benefit (expense)						(497)						(145,255)						12,805						138,585						5,638
Balance, December 31, 2023						(18,085)						(927,778)						71,195						843,707						(30,961)
Change in OCI before reclassifications						(4,595)						(416,996)						58,676						(441,138)						(804,053)
Amounts reclassified from AOCI						0						81,903						0						0						81,903
Income tax benefit (expense)						739						70,169						(12,313)						92,639						151,234
Balance, December 31, 2024						(21,941)						(1,192,702)						117,558						495,208						(601,877)
Change in OCI before reclassifications						3,326						892,453						(40,022)						(185,092)						670,665
Amounts reclassified from AOCI						0						102,992						0						0						102,992
Income tax benefit (expense)						(1,277)						(208,922)						8,404						38,870						(162,925)
Balance, December 31, 2025						$	(19,892)					$	(406,179)					$	85,940					$	348,986					$	8,855

(1)Includes cash flow hedges of $(133) million, $111 million, and $12 million as of December 31, 2025, 2024, and 2023, respectively.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Reclassifications out of Accumulated Other Comprehensive Income (Loss) 

						Years Ended December 31,
						2025						2024						2023
						(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)						$	(20,578)					$	85,491					$	16,976
Net unrealized investment gains (losses) on available-for-sale securities						(82,414)						(167,394)						(31,193)
Total net unrealized investment gains (losses)(4)						(102,992)						(81,903)						(14,217)
Total reclassifications for the period						$	(102,992)					$	(81,903)					$	(14,217)

(1)All amounts are shown before tax.

(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.

(3)See Note 5 for additional information on cash flow hedges.

(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ account balances.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Net Unrealized Investment Gains (Losses)

Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:

												Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recognized						Net Unrealized Gains (Losses) on All Other Investments(1)						Other Costs(2)						Future Policy Benefits, Policyholders' Account Balances and Reinsurance Payables						Income Tax Benefit (Expense)						Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
												(in thousands)
Balance, December 31, 2022												$	4,371					$	(2,161,026)					$	(1,198,422)					$	1,488,679					$	391,923					$	(1,474,475)
Net investment gains (losses) on investments arising during the period												(4,482)						744,727						0						0						(155,393)						584,852
Reclassification adjustment for (gains) losses included in net income												(265)						14,482						0						0						(2,984)						11,233
Reclassification due to allowance for credit losses recorded during the period												2,363						(2,363)						0						0						0						0
Impact of net unrealized investment (gains) losses												0						0						397,071						(459,581)						13,122						(49,388)
Balance, December 31, 2023												1,987						(1,404,180)						(801,351)						1,029,098						246,668						(927,778)
Net investment gains (losses) on investments arising during the period												(773)						(525,222)						0						0						110,227						(415,768)
Reclassification adjustment for (gains) losses included in net income												(175)						82,078						0						0						(17,164)						64,739
Reclassification due to allowance for credit losses recorded during the period												(146)						146						0						0						0						0
Impact of net unrealized investment (gains) losses												0						0						217,642						(108,643)						(22,894)						86,105
Balance, December 31, 2024												893						(1,847,178)						(583,709)						920,455						316,837						(1,192,702)
Net investment gains (losses) on investments arising during the period												(247)						1,029,138						0						0						(215,954)						812,937
Reclassification adjustment for (gains) losses included in net income												(2,361)						105,353						0						0						(21,617)						81,375
Reclassification due to allowance for credit losses recorded during the period												363						(363)						0						0						0						0
Impact of net unrealized investment (gains) losses												0						0						335,647						(472,085)						28,649						(107,789)
Balance, December 31, 2025												$	(1,352)					$	(713,050)					$	(248,062)					$	448,370					$	107,915					$	(406,179)

(1)Includes cash flow hedges. See Note 5 for information on cash flow hedges.

(2)"Other costs" primarily includes reinsurance recoverables and DRL.

Noncontrolling Interests

For certain subsidiaries, the Company owns a controlling interest that is less than 100% ownership of the subsidiary but must consolidate 100% of the subsidiary’s financial statements in accordance with U.S. GAAP. Noncontrolling interests represent the portion of equity ownership in a consolidated subsidiary that is not attributable to the Company.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

15. STATUTORY NET INCOME AND SURPLUS AND DIVIDEND RESTRICTIONS

The Company is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the Arizona Department of Insurance ("AZDOI"). It's subsidiary PLNJ is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the New Jersey Department of Insurance and Banking. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis.

The following table summarizes certain statutory financial information for the Company, including its subsidiary PLNJ, for the periods indicated:

						Years Ended December 31,
						2025						2024						2023
						(in millions)
Statutory net income (loss)						$	446					$	(5,195)					$	4,923
Statutory capital and surplus						5,821						5,730						5,161

The Company does not utilize prescribed or permitted practices that vary materially from the statutory accounting practices prescribed by the NAIC.

The Company is subject to Arizona law, which limits the amount of dividends that insurance companies can pay to stockholders without approval of the AZDOI. The maximum dividend, which may be paid in any twelve-month period without notification or approval, is limited to the lesser of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. The Company must obtain approval from AZDOI prior to paying a dividend if the dividend, together with other dividend distributions made within the preceding twelve months, would exceed the lesser of 10% of statutory surplus or net gain from operations. Based on these limitations, there is a capacity to pay a dividend of $582 million in 2026 without prior approval. There was no return of capital in 2025. The Company did not pay dividends to Prudential Insurance in 2025, 2024, and 2023.

16. RELATED PARTY TRANSACTIONS

The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.

Expense Charges and Allocations

The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.

The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $1 million for each of the years ended December 31, 2025, 2024, and 2023. The expense charged to the Company for the deferred compensation program was $5 million, $6 million and $5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $14 million, $11 million and $13 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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Notes to Consolidated Financial Statements—(Continued)

The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $19 million, $18 million and $14 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $9 million, $8 million and $7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company is charged distribution expenses from Prudential’s proprietary nationwide advice organization, “Prudential Advisors” through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options. In November 2024, the Company, along with three other affiliated entities, entered into several agreements with a third-party, LPL Financial Holdings Inc. (“LPL”). Under these agreements, the Company pays distribution expenses to LPL, of which 98% are returned to Prudential Advisors. Distribution expenses paid by the Company to LPL and subsequently returned to Prudential Advisors were $473 million and $56 million for the years ended December 31, 2025, and 2024, respectively.

The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $760 million, $820 million and $587 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $105 million, $131 million and $144 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Corporate-Owned Life Insurance

The Company has sold five Corporate Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $5,098 million and $4,657 million as of December 31, 2025 and 2024, respectively. Fees related to these COLI policies were $59 million, $55 million and $50 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company reinsures the risk associated with these COLI policies to an affiliate reinsurer as part of a broader program related to variable insurance policies.

In May 2023, the Company funded a policy loan from the Prudential Financial COLI policy noted above in an amount of $900 million to an affiliated irrevocable trust, commonly referred to as a “rabbi trust”, which Prudential Financial created to support certain non-qualified retirement plans. The outstanding balance of the policy loan with the rabbi trust was $888 million and $897 million as of December 31, 2025 and 2024, respectively. Interest income related to the policy loan was $41 million, $42 million and $26 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Affiliated Investment Management Expenses

In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $91 million, $69 million and $53 million for the years ended December 31, 2025, 2024, and 2023, respectively. These expenses are recorded as “Net investment income” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Derivative Trades

In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 5 for additional information.

The interest income to the Company from PGF related to affiliated cash collateral was $417 million, $490 million and $499 million for the years ended December 31, 2025, 2024, and 2023, respectively, and are included in "Other income (loss)".

Joint Ventures

The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $1,852 million and $1,100 million of investments in joint ventures as of December 31, 2025 and 2024, respectively. "Net investment income" related to these ventures includes gains of $168 million, $68 million and $5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Affiliated Asset Administration Fee Income

The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $247 million, $271 million and $274 million for the years ended December 31, 2025, 2024, and 2023, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders’ separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $52 million, $47 million and $38 million for the years ended December 31, 2025, 2024, and 2023, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Affiliated Notes Receivable

Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, was as follows:

			Maturity Dates												Interest Rates												2025						2024
																											(in thousands)
U.S. dollar fixed rate notes			2026			-			2038						0.00%			-			12.13		%				$	649,771					$	520,462
Total notes receivable - affiliated(1)																											$	649,771					$	520,462

(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.

The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.

Accrued interest receivable related to these loans was $3 million and $1 million at December 31, 2025 and 2024, respectively, and is included in “Other assets”. Revenues related to these loans were $8 million, $3 million and $3 million for the years ended December 31, 2025, 2024, and 2023, respectively, and are included in “Other income (loss)”.

Affiliated Commercial Mortgage Loan

The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, 2025 and 2024 was $0 million.

The commercial mortgage loan is carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses, and net of an allowance for losses. The Company reviews the performance and credit quality of the commercial mortgage loan on an on-going basis.

Accrued interest receivable related to the loan was $0 million at both December 31, 2025 and 2024, and is included in "Accrued investment income". Revenues were $0.0 million, $5.5 million and $6.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, and are included in "Net investment income".

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Affiliated Asset Transfers

The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" ("APIC") and "Realized investment gains (losses), net", respectively. The table below shows affiliated asset trades for the years ended December 31, 2025 and 2024.

Affiliate						Date						Transaction						Security Type						Fair Value						Book Value						APIC, Net of Tax Increase/ (Decrease)						Realized Investment Gain/(Loss)
																								(in thousands)
PAR U						January 2024						Transfer in						Fixed Maturities						$	1,598,161					$	1,598,161					$	0					$	0
PAR U						January 2024						Transfer in						Fixed Maturities						$	778,745					$	778,745					$	0					$	0
PURC						January 2024						Transfer in						Fixed Maturities						$	2,155,560					$	2,155,560					$	0					$	0
GUL Re						January 2024						Transfer in						Fixed Maturities						$	1,685,582					$	1,685,582					$	0					$	0
GUL Re						January 2024						Transfer in						Equities						$	4,976					$	4,976					$	0					$	0
PURE						January 2024						Transfer out						Fixed Maturities						$	1,598,161					$	1,598,161					$	0					$	0
PURE						January 2024						Transfer out						Fixed Maturities						$	778,745					$	778,745					$	0					$	0
PURE						January 2024						Transfer out						Fixed Maturities						$	2,155,560					$	2,155,560					$	0					$	0
PURE						January 2024						Transfer out						Fixed Maturities						$	1,685,582					$	1,685,582					$	0					$	0
PURE						January 2024						Transfer out						Equities						$	4,976					$	4,976					$	0					$	0
Ironbound						January 2024						Purchase						Other Invested Assets						$	60,414					$	60,414					$	0					$	0
Windhill CLO 1, Ltd.						February 2024						Sale						Fixed Maturities						$	18,428					$	18,858					$	0					$	(430)
Windhill CLO 2, Ltd.						February 2024						Sale						Fixed Maturities						$	19,652					$	20,057					$	0					$	(405)
PAR Term						February 2024						Purchase						Fixed Maturities						$	43,084					$	43,084					$	0					$	0
Windhill CLO 1, Ltd.						March 2024						Sale						Fixed Maturities						$	10,148					$	10,387					$	0					$	(239)
Windhill CLO 2, Ltd.						March 2024						Sale						Fixed Maturities						$	14,763					$	15,091					$	0					$	(328)
Prudential Insurance						March 2024						Purchase						Fixed Maturities						$	198,804					$	206,285					$	5,910					$	0
PAR U						March 2024						Transfer in						Other Invested Assets						$	188,500					$	188,500					$	0					$	0
PURE						March 2024						Transfer out						Other Invested Assets						$	188,500					$	188,500					$	0					$	0
Windhill CLO 1, Ltd.						April 2024						Sale						Fixed Maturities						$	2,261					$	2,300					$	0					$	(39)
Windhill CLO 2, Ltd.						May 2024						Sale						Fixed Maturities						$	14,034					$	14,415					$	0					$	(381)
Windhill CLO 1, Ltd.						June 2024						Sale						Fixed Maturities						$	2,045					$	2,100					$	0					$	(55)
Windhill CLO 2, Ltd.						June 2024						Sale						Fixed Maturities						$	23,342					$	23,743					$	0					$	(401)
PAR U						June 2024						Transfer in						Other Invested Assets						$	326					$	326					$	0					$	0
PURE						June 2024						Transfer out						Other Invested Assets						$	326					$	326					$	0					$	0

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Notes to Consolidated Financial Statements—(Continued)

Affiliate						Date						Transaction						Security Type						Fair Value						Book Value						APIC, Net of Tax Increase/ (Decrease)						Realized Investment Gain/(Loss)
PAR U						June 2024						Purchase						Commercial Mortgage and Other Loans						$	12,555					$	12,555					$	0					$	0
Windhill CLO 2, Ltd.						July 2024						Sale						Fixed Maturities						$	53,462					$	54,628					$	0					$	(1,166)
Windhill CLO 2, Ltd.						July 2024						Sale						Fixed Maturities						$	6,579					$	6,695					$	0					$	(116)
Windhill CLO 1, Ltd.						July 2024						Sale						Fixed Maturities						$	2,136					$	2,200					$	0					$	(64)
PAR U						July 2024						Purchase						Fixed Maturities						$	17,402					$	17,402					$	0					$	0
Prudential Insurance						July 2024						Purchase						Fixed Maturities						$	22,655					$	23,433					$	614					$	0
PAR U						July 2024						Purchase						Fixed Maturities						$	1,239					$	1,239					$	0					$	0
PAR U						July 2024						Purchase						Derivatives						$	2,975					$	2,975					$	0					$	0
Windhill CLO 2, Ltd.						August 2024						Sale						Fixed Maturities						$	21,929					$	22,500					$	0					$	(571)
Windhill CLO 1, Ltd.						August 2024						Sale						Fixed Maturities						$	13,650					$	14,100					$	0					$	(450)
PAR U						August 2024						Purchase						Fixed Maturities						$	46,742					$	46,742					$	0					$	0
PAR U						August 2024						Purchase						Fixed Maturities						$	4,793					$	4,793					$	0					$	0
Prudential Insurance						August 2024						Purchase						Fixed Maturities						$	35,872					$	35,085					$	(621)					$	0
Windhill CLO 2, Ltd.						September 2024						Sale						Fixed Maturities						$	57,613					$	57,613					$	0					$	0
Windhill CLO 2, Ltd.						September 2024						Sale						Fixed Maturities						$	24,575					$	24,911					$	0					$	(336)
Prudential Insurance						September 2024						Purchase						Fixed Maturities						$	44,773					$	43,632					$	(901)					$	0
Hirakata						October 2024						Purchase						Fixed Maturities						$	21,229					$	21,229					$	0					$	0
Hirakata						October 2024						Purchase						Fixed Maturities						$	3,901					$	3,901					$	0					$	0
PAR U						October 2024						Transfer in						Fixed Maturities						$	6,615,438					$	6,615,438					$	0					$	0
Windhill CLO 3, Ltd.						October 2024						Sale						Fixed Maturities						$	232,036					$	235,610					$	0					$	(3,574)
Windhill CLO 2, Ltd.						October 2024						Sale						Fixed Maturities						$	5,824					$	5,899					$	0					$	(75)
Windhill CLO 2, Ltd.						October 2024						Sale						Fixed Maturities						$	14,690					$	14,959					$	0					$	(269)
Windhill CLO 1, Ltd.						October 2024						Sale						Fixed Maturities						$	3,038					$	3,100					$	0					$	(62)
PAR U						October 2024						Transfer in						Equities						$	6,120					$	6,120					$	0					$	0
Windhill CLO 3, Ltd.						November 2024						Sale						Fixed Maturities						$	17,409					$	17,518					$	0					$	(109)
Windhill CLO 3, Ltd.						December 2024						Sale						Fixed Maturities						$	38,020					$	38,537					$	0					$	(517)
Windhill CLO 3, Ltd.						December 2024						Sale						Short-term Investments						$	2,882					$	2,905					$	0					$	(23)

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Affiliate						Date						Transaction						Security Type						Fair Value						Book Value						APIC, Net of Tax Increase/ (Decrease)						Realized Investment Gain/(Loss)
Prudential Insurance						December 2024						Contributed Capital						Equities						$	415,696					$	416,265					$	0					$	0
Windhill CLO 2, Ltd.						January 2025						Sale						Fixed Maturities						$	2,738					$	2,800					$	0					$	(62)
Windhill CLO 3, Ltd.						January 2025						Sale						Fixed Maturities						$	17,046					$	17,363					$	0					$	(317)
Windhill CLO 1, Ltd.						January 2025						Sale						Fixed Maturities						$	2,152					$	2,200					$	0					$	(48)
PAR U						February 2025						Purchase						Derivatives						$	417,169					$	417,169					$	0					$	0
Windhill CLO 2, Ltd.						February 2025						Sale						Fixed Maturities						$	7,482					$	7,600					$	0					$	(118)
Windhill CLO 3, Ltd.						February 2025						Sale						Fixed Maturities						$	17,172					$	17,410					$	0					$	(238)
Windhill CLO 1, Ltd.						February 2025						Sale						Fixed Maturities						$	9,784					$	9,900					$	0					$	(116)
Prudential Insurance						February 2025						Purchase						Fixed Maturities						$	100,033					$	101,147					$	880					$	0
Prudential Insurance						March 2025						Purchase						Fixed Maturities						$	226,726					$	260,396					$	26,599					$	0
Windhill CLO 3, Ltd.						March 2025						Sale						Fixed Maturities						$	9,019					$	9,144					$	0					$	(125)
Windhill CLO 1, Ltd.						March 2025						Sale						Fixed Maturities						$	8,469					$	8,500					$	0					$	(31)
Windhill CLO 1, Ltd.						March 2025						Sale						Fixed Maturities						$	10,184					$	10,301					$	0					$	(117)
Windhill CLO 1, Ltd.						March 2025						Purchase						Fixed Maturities						$	921					$	921					$	0					$	0
Windhill CLO 1, Ltd.						April 2025						Sale						Fixed Maturities						$	21,646					$	22,003					$	0					$	(357)
Windhill CLO 2, Ltd.						April 2025						Sale						Fixed Maturities						$	8,597					$	8,646					$	0					$	(49)
Windhill CLO 3, Ltd.						April 2025						Sale						Fixed Maturities						$	33,528					$	34,110					$	0					$	(582)
Windhill CLO 1, Ltd.						April 2025						Purchase						Fixed Maturities						$	24					$	24					$	0					$	0
Prudential Insurance						April 2025						Purchase						Fixed Maturities						$	51,030					$	53,646					$	2,066					$	0
Windhill CLO 1, Ltd.						May 2025						Sale						Fixed Maturities						$	9,254					$	9,388					$	0					$	(134)
Windhill CLO 2, Ltd.						May 2025						Sale						Fixed Maturities						$	14,667					$	14,792					$	0					$	(125)
Windhill CLO 4, Ltd.						May 2025						Sale						Fixed Maturities						$	235,316					$	237,464					$	0					$	(2,148)
Prudential Insurance						May 2025						Purchase						Fixed Maturities						$	24,037					$	24,000					$	(29)					$	0
PARCC						May 2025						Purchase						Fixed Maturities						$	103,549					$	103,549					$	0					$	0
Prudential Insurance						May 2025						Contributed Capital						Other Invested Assets						$	207,870					$	207,870					$	0					$	0
Windhill CLO 2, Ltd.						June 2025						Sale						Fixed Maturities						$	500					$	500					$	0					$	0
Windhill CLO 3, Ltd.						June 2025						Sale						Fixed Maturities						$	2,608					$	2,608					$	0					$	0
Windhill CLO 4, Ltd.						June 2025						Sale						Fixed Maturities						$	19,136					$	19,351					$	0					$	(215)

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Affiliate						Date						Transaction						Security Type						Fair Value						Book Value						APIC, Net of Tax Increase/ (Decrease)						Realized Investment Gain/(Loss)
Windhill CLO 1, Ltd.						July 2025						Sale						Fixed Maturities						$	2,189					$	2,200					$	0					$	(11)
Windhill CLO 2, Ltd.						July 2025						Sale						Fixed Maturities						$	1,800					$	1,800					$	0					$	0
Windhill CLO 3, Ltd.						July 2025						Sale						Fixed Maturities						$	1,681					$	1,700					$	0					$	(19)
Windhill CLO 4, Ltd.						July 2025						Sale						Fixed Maturities						$	644					$	650					$	0					$	(6)
Windhill CLO 1, Ltd.						August 2025						Sale						Fixed Maturities						$	16,310					$	16,526					$	0					$	(216)
Windhill CLO 2, Ltd.						August 2025						Sale						Fixed Maturities						$	2,920					$	2,920					$	0					$	0
Windhill CLO 3, Ltd.						August 2025						Sale						Fixed Maturities						$	2,090					$	2,090					$	0					$	0
Prudential Insurance						August 2025						Purchase						Fixed Maturities						$	117,008					$	116,592					$	(328)					$	0
Windhill CLO 1, Ltd.						September 2025						Sale						Fixed Maturities						$	1,195					$	1,200					$	0					$	(5)
Windhill CLO 2, Ltd.						September 2025						Sale						Fixed Maturities						$	9,273					$	9,314					$	0					$	(41)
Windhill CLO 3, Ltd.						September 2025						Sale						Short-term Investments						$	235					$	235					$	0					$	0
Windhill CLO 4, Ltd.						September 2025						Sale						Fixed Maturities						$	4,910					$	4,941					$	0					$	(31)
PGIM Strategic Investments Inc						September 2025						Sale						Other Invested Assets						$	61,361					$	61,361					$	0					$	0
Windhill CLO 2, Ltd.						October 2025						Sale						Fixed Maturities						$	1,389					$	1,400					$	0					$	(11)
Windhill CLO 3, Ltd.						October 2025						Sale						Fixed Maturities						$	4,791					$	4,800					$	0					$	(9)
Windhill CLO 4, Ltd.						October 2025						Sale						Fixed Maturities						$	75,800					$	76,335					$	0					$	(535)
Windhill CLO 5, Ltd.						November 2025						Sale						Fixed Maturities						$	134,211					$	135,041					$	0					$	(830)
Prudential Insurance						November 2025						Sale						Commercial Mortgage and Other Loans						$	101,514					$	99,786					$	1,365					$	0
Prudential Insurance						November 2025						Sale						Fixed Maturities						$	29,140					$	28,813					$	258					$	0
Prudential Insurance						November 2025						Sale						Fixed Maturities						$	758					$	781					$	(19)					$	0
Prudential Insurance						November 2025						Purchase						Fixed Maturities						$	148,886					$	149,101					$	169					$	0
Prudential Insurance						December 2025						Purchase						Fixed Maturities						$	28,011					$	29,000					$	781					$	0
Prudential Insurance						December 2025						Purchase						Fixed Maturities						$	9,337					$	9,060					$	0					$	(277)
Windhill CLO 1, Ltd.						December 2025						Purchase						Fixed Maturities						$	1,112					$	1,112					$	0					$	0
Windhill CLO 1, Ltd.						December 2025						Sale						Fixed Maturities						$	16,955					$	17,075					$	0					$	(120)
Windhill CLO 2, Ltd.						December 2025						Sale						Fixed Maturities						$	4,896					$	4,920					$	0					$	(24)
Windhill CLO 3, Ltd.						December 2025						Sale						Fixed Maturities						$	9,008					$	9,076					$	0					$	(68)

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Affiliate						Date						Transaction						Security Type						Fair Value						Book Value						APIC, Net of Tax Increase/ (Decrease)						Realized Investment Gain/(Loss)
Windhill CLO 3, Ltd.						December 2025						Sale						Short-term Investments						$	353					$	353					$	0					$	0
Windhill CLO 4, Ltd.						December 2025						Sale						Fixed Maturities						$	10,562					$	10,662					$	0					$	(100)
Windhill CLO 5, Ltd.						December 2025						Sale						Fixed Maturities						$	27,642					$	27,913					$	0					$	(271)
Passaic Fund LLC						December 2025						Sale						Other Invested Assets						$	35,828					$	35,828					$	0					$	0

Debt Agreements

The Company is authorized to borrow funds up to $7 billion from affiliates to meet its capital and other funding needs. There was no debt outstanding as of December 31, 2025 and 2024.

The total interest expense to the Company related to affiliated loans and cash collateral with PGF was $16 million, $39 million and $17 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Contributed Capital and Dividends

In February 2026, the Company received a capital contribution of $300 million from Prudential Insurance. In February, May, August and December 2025, the Company received capital contributions from Prudential Insurance in the amounts of $220 million, $216 million, $17 million and $400 million, respectively, with the May contribution including $208 million in invested assets. In December 2024, the Company received capital contributions in the amount of $416 million from Prudential Insurance in the form of invested assets. In February and December 2023, the Company received capital contributions in the amount of $405 million and $7 million, respectively, from Prudential Insurance.

In June 2024, there was a $550 million return of capital to Prudential Insurance. In June, September, and December 2023, there was a $300 million, $650 million, and $450 million return of capital, respectively, to Prudential Insurance.

In 2025, 2024, and 2023, the Company did not pay any dividends to Prudential Insurance.

Reinsurance with Affiliates

As discussed in Note 12, the Company participates in reinsurance transactions with certain affiliates.

17. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Company has made commitments to fund commercial mortgage and agricultural property loans. As of December 31, 2025 and 2024, the outstanding balances on these commitments were $85 million and $230 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.5 million and $0.3 million as of December 31, 2025 and 2024, respectively, which is a change of $0.2 million and $0.0 million for the years ended December 31, 2025 and 2024, respectively. The Company also made commitments to purchase or fund investments, mostly fund investments and private fixed maturities, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. As of December 31, 2025 and 2024, $2,142 million and $1,359 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for both the years ended December 31, 2025 and 2024.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Guarantees

In July 2017, Pruco Life formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. Pruco Life owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that sets out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates Pruco Life and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. Pruco Life does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee.

Since 2001, Pruco Life entered into an arrangement with Prudential of Taiwan. In June 2021, PIIH completed the sale of Prudential of Taiwan. As a result of the sale, Pruco Life has a financial guarantee to stand ready to perform in an event that both Prudential of Taiwan and the Buyer default and fail to perform their obligations to make payments to the policyholders. Pruco Life has a liability of $31 million and $32 million as of December 31, 2025 and 2024, respectively, which represents the fair value of the guarantee and is amortized in revenue over a period which approximates the life of the underlying insurance in force. Since this obligation is not subject to limitations, it is not possible to determine the maximum potential amount due under this guarantee.

Guarantees of Asset Values

						December 31,
						2025						2024
						(in thousands)
Guaranteed value of third-parties assets						$	4,186,284					$	3,958,847
Fair value of collateral supporting these assets						$	3,912,881					$	3,543,500
Asset (liability) associated with guarantee, carried at fair value						$	0					$	111

Certain contracts underwritten by Pruco Life include guarantees related to financial assets owned by the guaranteed party. These contracts are accounted for as derivatives and carried at fair value. The collateral supporting these guarantees is not reflected on the Consolidated Statements of Financial Position.

Contingent Liabilities

On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.

The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.

It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.

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PRUCO LIFE INSURANCE COMPANY

Notes to Consolidated Financial Statements—(Continued)

Litigation and Regulatory Matters

The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.

The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of December 31, 2025, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $100 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

Individual Annuities and Individual Life

California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al.

In January 2024, a putative class action complaint entitled California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al., was filed in California Superior Court, Alameda County, alleging that the Company has failed to comply with California laws requiring that life insurance policies issued or delivered in California: (i) provide for a contractual 60-day grace period pre-lapse during which a policy must stay in force; (ii) provide policyholders and designees with notice of payment default within 30 days and a 30-day advance written notice of pending lapse; and (iii) notify policyholders annually of their right to designate additional recipients for lapse notices. The complaint asserts claims for violation of California’s Unfair Competition law ("UCL") and seeks unspecified damages along with declaratory and injunctive relief. In February 2024, defendants removed the action from California state court to the United States District Court for the Northern District of California. Plaintiff filed a motion to remand the action to the California Superior Court, Alameda County, and in December 2024, the motion was granted. In April 2025, Plaintiff filed a First Amended Complaint removing allegations related to the Unclaimed Life Insurance and Annuities Act, and the Defendant filed a demurrer seeking to dismiss the Amended Complaint. In October 2025, the Court issued an Order: (i) sustaining Defendant’s demurrer as to Plaintiff’s declaratory relief claim, and (ii) denying the demurrer as to the UCL claim.

Summary

The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.

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Item 9.  Changes in and Disagreements with Independent Accountants on Accounting and Financial Disclosure

None.

Item 9A.  Controls and Procedures

Management’s Annual Report on Internal Control Over Financial Reporting on the effectiveness of internal control over financial reporting as of December 31, 2025 is included in Part II, Item 8 of this Annual Report on Form 10-K.

In order to ensure that the information we must disclose in our filings with the SEC is recorded, processed, summarized, and reported on a timely basis, the Company’s management, including our Chief Executive Officer and Chief Financial Officer, have reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in Securities Exchange Act of 1934, as amended (“Exchange Act”) Rule 15d-15(e), as of December 31, 2025. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2025, our disclosure controls and procedures were effective. No change in our internal control over financial reporting, as defined in Exchange Act Rule 15d-15(f), occurred during the quarter ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B.  Other Information

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Not applicable.

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PART III

Item 10.  Directors, Executive Officers and Corporate Governance

Omitted pursuant to General Instruction I(2)(c) of Form 10-K.

Item 14.  Principal Accountant Fees and Services

The information called for by this item is hereby incorporated herein by reference to the relevant portions of Prudential Financial's Definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 12, 2026.

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PART IV

Item 15.  Exhibits and Financial Statement Schedules

The following documents are filed as part of this report:

						Page
(a)   (1)			Financial Statements-Item 8. Financial Statements and Supplementary Data			42
(2)			Financial Statement Schedules:
			Schedule I—Summary of Investments Other Than Investments in Related Parties as of December 31, 2025			159
			Schedule II—Condensed Financial Information of Registrant as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024, and 2023			160
			Any remaining schedules provided for in the applicable SEC regulations are omitted because they are either inapplicable or the relevant information is provided elsewhere within this Form 10-K.

(3) Exhibits

3.1			The Articles of Incorporation of Pruco Life Insurance Company (as amended through October 19, 1993) are incorporated by reference to Post-Effective Amendment No. 40 to Registration Statement 002-89558, filed April 21, 2009 on behalf of the Pruco Life Variable Appreciable Account.
3.2			By-Laws of Pruco Life Insurance Company (as amended through May 6, 1997) are incorporated by reference to Registration Statement 002-89558, filed April 21, 2009 on behalf of the Pruco Life Variable Appreciable Account.
23.1 Consent of PricewaterhouseCoopers LLP.
24. Powers of Attorney.
31.1 Section 302 Certification of the Chief Executive Officer.
31.2 Section 302 Certification of the Chief Financial Officer.
32.1 Section 906 Certification of the Chief Executive Officer.
32.2 Section 906 Certification of the Chief Financial Officer.
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			XBRL Taxonomy Extension Schema Document.
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB			XBRL Taxonomy Extension Label Linkbase Document.
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document.
104.			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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Schedule I

Summary of Investments Other Than Investments in Related Parties

December 31, 2025

(in thousands)

Type of Investment						Amortized Cost or Cost						Fair Value						Amount Shown in the Balance Sheet
Fixed maturities, available-for-sale:
Bonds:
U.S. Treasury securities and obligations of U.S. government authorities and agencies						$	1,196,805					$	1,117,320					$	1,117,320
Obligations of U.S. states and their political subdivisions						460,634						434,528						434,528
Foreign governments						456,138						424,735						424,735
Asset-backed securities						5,051,514						5,076,048						5,076,048
Commercial mortgage-backed securities						1,370,898						1,354,310						1,354,310
Residential mortgage-backed securities						936,614						941,965						941,965
Public utilities						3,553,256						3,401,020						3,401,020
All other corporate bonds						35,134,183						34,801,972						34,801,972
Redeemable preferred stock						70,176						72,273						72,273
Total fixed maturities, available-for-sale						$	48,230,218					$	47,624,171					$	47,624,171
Equity securities:
Common stocks:
Other common stocks						$	2,569,208					$	2,608,156					$	2,608,156
Mutual funds						237,773						241,178						241,178
Non-redeemable preferred stocks						19,661						20,297						20,297
Total equity securities, at fair value						$	2,826,642					$	2,869,631					$	2,869,631
Fixed maturities, trading						$	5,241,598					$	4,892,507					$	4,892,507
Commercial mortgage and other loans						10,082,667												10,082,667
Policy loans						1,666,965												1,666,965
Short-term investments						320,794												320,794
Other invested assets						2,297,535												2,297,535
Total investments						$	70,666,419											$	69,754,270

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Schedule II

Condensed Financial Information of Registrant

Condensed Statements of Financial Position

December 31, 2025 and 2024

(in thousands, except share amounts)

						December 31, 2025						December 31, 2024
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025 – $12,121; 2024 – $40,414) (amortized cost: 2025 – $44,270,098; 2024 – $33,648,311)(1)						$	43,866,735					$	31,964,802
Fixed maturities, trading, at fair value (amortized cost: 2025 – $5,203,043; 2024 – $4,391,322)						4,853,273						3,823,792
Equity securities, at fair value (cost: 2025 – $2,633,413; 2024 – $2,650,189)						2,676,833						2,623,758
Policy loans						527,440						422,891
Short-term investments (net of allowance for credit losses: 2025 – $0; 2024 – $49)						320,794						505,991
Commercial mortgage and other loans (net of $48,775 and $36,002 allowance for credit losses at December 31, 2025 and 2024, respectively)						9,497,730						7,281,995
Other invested assets (includes $77,641 and $12,999 of assets measured at fair value at December 31, 2025 and 2024, respectively)(1)						2,129,812						1,363,038
Total investments						63,872,617						47,986,267
Cash and cash equivalents(1)						2,586,041						3,144,542
Deferred policy acquisition costs						8,179,344						7,389,743
Accrued investment income(1)						548,524						405,115
Reinsurance recoverables and deposit receivables (net of $145 and $10 allowance for credit losses; includes $373,491 and $379,582 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)						49,739,181						44,233,228
Investment in subsidiaries						1,618,782						1,472,500
Receivables from parent and affiliates						854,168						567,631
Deferred sales inducements						297,413						322,351
Income tax assets(1)						1,627,258						2,013,349
Market risk benefit assets						2,160,239						2,144,919
Other assets(1)						1,823,202						1,833,801
Separate account assets						103,737,191						103,635,702
TOTAL ASSETS						$	237,043,960					$	215,149,148
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances						$	81,224,030					$	65,114,184
Future policy benefits						26,224,147						23,096,707
Market risk benefit liabilities						3,986,790						3,788,800
Cash collateral for loaned securities						22,622						121,372
Reinsurance and funds withheld payables (includes $265 and $0 of embedded derivatives at fair value at December 31, 2025 and 2024, respectively)						9,203,855						7,192,595
Payables to parent and affiliates(1)						2,418,541						3,653,229
Other liabilities(1)						2,303,716						3,950,118
Separate account liabilities						103,737,191						103,635,702
Total liabilities						229,120,892						210,552,707
EQUITY
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and 250,000 outstanding)						2,500						2,500
Additional paid-in capital						5,806,878						4,923,299
Retained earnings / (accumulated deficit)						2,104,835						272,519
Accumulated other comprehensive income (loss)						8,855						(601,877)
Total equity						7,923,068						4,596,441
TOTAL LIABILITIES AND EQUITY						$	237,043,960					$	215,149,148

    

(1) See Note 4 to the Consolidated Financial Statements for details of balances associated with variable interest entities.

See Notes to Condensed Financial Information of Registrant

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Schedule II

Condensed Financial Information of Registrant

Condensed Statements of Operations and Comprehensive Income (Loss)

Years Ended December 31, 2025, 2024, and 2023

(in thousands)

						2025						2024						2023
REVENUES
Premiums (includes $2,191, $(2,740) and $6,296 of gains (losses) from changes in estimates on deferred profit liability amortization for the years ended December 31, 2025, 2024, and 2023, respectively)						$	500,031					$	344,383					$	289,344
Policy charges and fee income						1,623,176						6,677,744						1,476,927
Net investment income						2,912,127						2,154,525						1,507,280
Asset administration fees						192,382						212,328						223,803
Other income (loss)						2,242,832						743,843						747,789
Realized investment gains (losses), net						(1,242,504)						498,953						(1,102,789)
Change in value of market risk benefits, net of related hedging gains (losses)						(522,945)						(473,209)						(169,565)
TOTAL REVENUES						5,705,099						10,158,567						2,972,789
BENEFITS AND EXPENSES
Policyholders’ benefits						714,135						7,338,059						448,286
Change in estimates of liability for future policy benefits						(62,248)						(14,594)						6,067
Interest credited to policyholders’ account balances						1,116,400						956,863						557,510
Amortization of deferred policy acquisition costs						643,498						(285,676)						518,939
General, administrative and other expenses						1,134,168						1,180,030						1,074,134
TOTAL BENEFITS AND EXPENSES						3,545,953						9,174,682						2,604,936
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE						2,159,146						983,885						367,853
Income tax expense (benefit)						411,664						147,233						14,006
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE						1,747,482						836,652						353,847
Equity in earnings of subsidiaries						85,169						(12,237)						96,844
Equity in earnings of operating joint venture, net of taxes						(335)						(425)						(433)
NET INCOME (LOSS)						$	1,832,316					$	823,990					$	450,258
Other comprehensive income (loss), before tax:
Net unrealized investment gains (losses)						914,172						(246,952)						632,819
Interest rate remeasurement of future policy benefits						(37,656)						45,461						(50,679)
Gain (loss) from changes in non-performance risk on market risk benefits						(169,143)						(401,884)						(597,135)
Other						66,284						(118,775)						(11,539)
Total						773,657						(722,150)						(26,534)
Less: Income tax expense (benefit) related to other comprehensive income (loss)						162,925						(151,234)						(5,638)
Other comprehensive income (loss), net of taxes						610,732						(570,916)						(20,896)
Total comprehensive income (loss)						$	2,443,048					$	253,074					$	429,362

See Notes to Condensed Financial Information of Registrant

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PRUCO LIFE INSURANCE COMPANY

Schedule II

Condensed Financial Information of Registrant

Condensed Statements of Cash Flows

Years Ended December 31, 2025, 2024, and 2023

(in thousands)

						2025						2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash flows from (used in) operating activities						$	3,644,663					$	3,363,590					$	2,365,722
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale						5,210,345						3,425,809						1,622,501
Fixed maturities, trading						1,560,828						800,588						95,872
Equity securities						2,278,334						957,650						189,210
Policy loans						173,984						157,478						152,275
Ceded policy loans						(108,452)						(87,521)						(117,589)
Short-term investments						872,948						1,280,677						444,983
Commercial mortgage and other loans						370,562						724,559						157,116
Other invested assets						267,660						73,632						17,405
Notes receivable from parent and affiliates						231,823						722						3,858
Payments for the purchase/origination of:
Fixed maturities, available-for-sale						(15,563,807)						(12,273,347)						(6,762,400)
Fixed maturities, trading						(2,534,641)						(1,819,224)						(857,717)
Equity securities						(2,453,816)						(2,373,213)						(678,790)
Policy loans						(253,540)						(222,724)						(236,886)
Ceded policy loans						95,058						117,552						147,961
Short-term investments						(792,990)						(1,412,350)						(679,224)
Commercial mortgage and other loans						(2,503,344)						(2,145,910)						(1,239,173)
Other invested assets						(859,300)						(406,031)						(174,680)
Notes receivable from parent and affiliates						(354,399)						(297,850)						(31)
Capital contributions to subsidiaries						(407,432)						(549,964)						(323,909)
Return of capital from subsidiaries						403,596						414,859						0
Other, net						(141,435)						164,779						(60,358)
Cash flows from (used in) investing activities						(14,508,018)						(13,469,829)						(8,299,576)
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits						15,792,652						16,148,664						10,508,549
Affiliated ceded policyholders’ account deposits						(1,778,143)						(826,393)						(870,031)
Policyholders’ account withdrawals						(4,229,523)						(3,600,010)						(3,287,164)
Affiliated ceded policyholders’ account withdrawals						398,376						454,788						360,211
Contributed capital						620,000						0						405,000
Return of capital						0						(550,000)						(1,400,000)
Other, net						(498,508)						(329,656)						28,817
Cash flows from (used in) financing activities						10,304,854						11,297,393						5,745,382
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS						(558,501)						1,191,154						(188,472)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR						3,144,542						1,953,388						2,141,860
CASH AND CASH EQUIVALENTS, END OF YEAR						$	2,586,041					$	3,144,542					$	1,953,388
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refunded), net						$	174,626					$	360,742					$	57,749
Interest paid						$	810					$	2,644					$	4,377

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Significant Non-Cash Transactions

2025

"Cash flows from (used in) operating activities" for the year ended December 31, 2025 excludes certain non-cash activities in the amount of $(1,397) million related to the affiliated reinsurance transaction with The Prudential Insurance Company of America ("Prudential Insurance") effective October 1, 2025. See Note 12 for additional information.

2024

"Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024, excludes certain non-cash activities in the amount of $(7,469) million primarily related to reinsurance recoverables and $6,722 million related to invested asset transfers, respectively. These transactions are associated with the unaffiliated reinsurance agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re"), effective October 1, 2024. Associated with the transaction with Wilton Re, "Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024, exclude largely offsetting affiliated non-cash activities in the amount of $7,190 million, primarily related to reinsurance recoverables and payables, and $(6,722) million related to invested asset transfers, respectively. These are related to the recapture of the risks associated with the business that had previously been reinsured with Prudential Arizona Reinsurance Universal Company ("PAR U") as well as assumption of those recaptured by Pruco Life Insurance Company of New Jersey from PAR U. See Note 12 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $(78) million related to the affiliated reinsurance transaction with Prudential Arizona Reinsurance Captive Company, effective October 1, 2024. See Note 12 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $936 million related to the affiliated reinsurance transaction with Prudential Universal Reinsurance Entity Company and The Prudential Insurance Company of America, effective January 1, 2024. See Note 12 for additional information.

"Cash flows from (used in) investing activities" and "Cash flows from (used in) financing activities" for the year ended December 31, 2024 excludes non-cash activities related to invested asset transfers in the amount of $416 million, related to capital contributions the Company received from Prudential Insurance. See Note 16 for additional information.

2023

"Cash flows from (used in) operating activities" for the year ended December 31, 2023 excludes certain non-cash activities in the amount of $475 million related to the novated indexed variable annuities under the reinsurance agreement with Fortitude Life Insurance & Annuity Company (“FLIAC”). See Note 12 for more details regarding this transaction.

See Notes to Condensed Financial Information of Registrant

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PRUCO LIFE INSURANCE COMPANY

Schedule II

Condensed Financial Information of Registrant

Notes to Condensed Financial Information of Registrant

1.ORGANIZATION AND PRESENTATION

Pruco Life Insurance Company, (“Pruco Life”) is a wholly-owned subsidiary of The Prudential Insurance Company of America, which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

The condensed financial information of Pruco Life should be read in conjunction with the consolidated financial statements of Pruco Life and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). The condensed financial statements of Pruco Life reflect its direct wholly-owned subsidiary and majority-owned subsidiaries using the equity method of accounting.

Item 16.  Form 10-K Summary

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 6th day of March 2026.

PRUCO LIFE INSURANCE COMPANY (Registrant)
By:						/s/ Scott E. Gaul
						Scott E. Gaul
						President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on March 6, 2026.

Signature						Title
/s/ Scott E. Gaul						President,
Scott E. Gaul						Chief Executive Officer and Director
/s/ Markus Coombs						Chief Financial Officer and Director
Markus Coombs
*Alan M. Finkelstein						Director
Alan M. Finkelstein
*Salene Hitchcock-Gear						Director
Salene Hitchcock-Gear
*Reshma V. Abraham						Director
Reshma V. Abraham
*Bradley O. Harris						Director
Bradley O. Harris

*  By:						/s/ Amy Woltman
						Amy Woltman
						(Attorney-in-Fact)

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